Board Change • Mar 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Peter Nicol was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 31
Eco (Atlantic) Oil & Gas Ltd. Announces Board Changes, Effective March 30, 2026 Eco (Atlantic) Oil & Gas Ltd. announced that the board of directors has appointed Keith Hill as Non-Executive Chairman, succeeding Peter Nicol, effective March 30, 2026. Peter Nicol will remain as a Non-Executive Director. Company's Annual General Meeting held on 27 March 2026. Announcement • Mar 12
Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) signed a binding agreement to acquire remaining stake in JHI Associates Inc. for $63.32 million. Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) signed a binding agreement to acquire remaining stake in JHI Associates Inc. for $63.32 million on March 10, 2026. The consideration consists of 96.31 million new common shares such that up to approximately 21.8% of Eco's then issued share capital will be held by the shareholders of JHI. Upon Closing, JHI will have a cash balance of $1 million. Approximately 45% of the Common Shares to be issued to JHI shareholders will be subject to lock-up arrangements spanning 18 months following completion. The Acquisition is valued at approximately $52.3 million (approximately£39.0 million) based on the 30-day volume weighted average price of Eco's common shares on the TSX Venture Exchange ending on 9 March 2026 of CAD 0.7362.The Acquisition is valued at approximately £46.7 million (approximately $62.6 million) based on the mid-market closing price of the Company's Common Shares on the AIM market of the London Stock Exchange of £0.485 on 10 March 2026.
The transaction is subject to several closing conditions, including receipt of the requisite approvals from the TSX Venture Exchange, and the approval of two thirds of the votes cast by JHI Shareholders at a special meeting to be held to approve the Acquisition within the next four weeks. Completion is also subject, among other conditions, to the approval of a five-year licence extension on PL001, from FIG. The transaction is expected to closed in third quarter of 2026.
PillarFour Capital, Investment Banking Arm acted as financial advisor for Eco Oil & Gas Ltd. James Harris, James Bellman of Strand Hanson Limited acted as financial advisor for Eco Oil & Gas Ltd. Eco Oil & Gas Ltd. paid an amount of $0.62 million for financial advisor services to PillarFour Capital, Investment Banking Arm. Announcement • Mar 10
Eco (Atlantic) Oil & Gas Ltd. Announces Board Changes, Effective 27 March 2026 Eco (Atlantic) Oil & Gas Ltd. announced it is intended that Alice Carroll, VP Business Development, and Corporate Affairs and Chief Financial Officer Gadi Levin will step down from the Board and continue in their senior executive roles at the Company, and Mrs. Selma Usiku will retire from the Board but continue to serve on behalf of the Company as Vice Chairman of NAMPOA (Namibia Petroleum Operators Association). Accordingly, the aforementioned Directors have not put themselves forward for re-election at the shareholder meeting to be held on 27 March 2026. Announcement • Jan 30
Eco (Atlantic) Oil & Gas Ltd. has completed a Follow-on Equity Offering in the amount of £7.4 million. Eco (Atlantic) Oil & Gas Ltd. has completed a Follow-on Equity Offering in the amount of £7.4 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 26,909,091
Price\Range: £0.275
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing Announcement • Jan 23
Eco (Atlantic) Oil & Gas Ltd. has filed a Follow-on Equity Offering in the amount of £0.74 million. Eco (Atlantic) Oil & Gas Ltd. has filed a Follow-on Equity Offering in the amount of £0.74 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,690,909
Price\Range: £0.275
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing Announcement • Jan 21
Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Mar 27, 2026 Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Mar 27, 2026. Location: 217 queen street west, suite 401, ontario, m5r 0v2, toronto Canada New Risk • Dec 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$5.3m). Currently unprofitable and not forecast to become profitable over next 2 years (US$4.2m net loss in 2 years). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$58.3m market cap, or US$42.1m). Announcement • Nov 09
Eco (Atlantic) Oil & Gas Ltd. Announces Board and Executive Changes It is with the greatest sadness that we announced the sudden passing of Colin Kinley, a board member and Chief Operating Officer of Eco (Atlantic) Oil & Gas Ltd. The Board and Company express their sincere condolences to Karen, Cooper and Claire, and their extended family and friends. Colin had a distinguished career over more than 45 years in the mining and oil and gas frontier exploration industries. In addition to his co-founding role with Eco, and the wealth of knowledge and experience he has brought to the Company over the years, he has served as a valued director and senior executive of a number of publicly quoted companies, including Coro Mining, Marimaca Copper Corp. and Gunnison Copper, as well as leading his own teams as CEO and President at Kinley Exploration LLC and Jet Mining Pty LLC. Effective immediately Gil Holzman and Alice Carroll will assume all responsibilities over Eco's operational and technical teams and the company's country managers will report directly to the CEO. Announcement • Sep 01
Eco (Atlantic) Oil & Gas Ltd. Announces Chief Financial Officer Changes Eco (Atlantic) Oil & Gas Ltd. announced that long standing CFO Alan Rootenberg has announced his retirement, having worked with the Company since 2011. The Company would like to thank Alan for his efforts during his time at Eco and wishes him well in his retirement. Eco announced the appointment of Gadi Levin as CFO effective 2 September 2025. Gadi is a chartered accountant with over 20 years' of experience in both public and private equity markets. He has been a long-standing member of Eco's finance team, having previously held the role of Finance Director since 2016, working closely with Eco's executive team in support of the effective financial management of the Company. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Revenue is less than US$1m (US$92k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$5.7m). Currently unprofitable and not forecast to become profitable over next 2 years (US$2.9m net loss in 2 years). Market cap is less than US$100m (CA$50.4m market cap, or US$36.5m). Announcement • May 07
Eco (Atlantic) Oil & Gas Ltd. Provides Update on Block 1, Orange Basin, South Africa Eco (Atlantic) Oil & Gas Ltd. update stakeholders on activities in its entry into Block 1 offshore South Africa, located in the proven and highly prospective Orange Basin. As previously announced, Eco, through its wholly owned subsidiary Azinam South Africa Limited("Azinam"), has entered into a Farm-In Agreement with Tosaco Energy (Proprietary) Limited to acquire a 75% Working Interest and Operatorship in Block 1 offshore South Africa. The Company is now in the final stages of securing the requisite Section 11 regulatory approval to complete the transfer of the interest and formalize operatorship, which is expected in the near term. Data Acquisition and Subsurface Intelligence: Eco has now completed the acquisition of Block 1's substantial volume of 3D and 2D legacy data from the Petroleum Agency South Africa ("PASA") This purchase includes: Two 3D seismic surveys totalling 3,500 km²(2,000 km² and 1,500 km²), 20,000+ line kilometres of 2D seismic, and Three key exploration well logs: AF-1, AO-1, and AE-1 (All drilled on the block). All data is of high-resolution quality and is processing-ready, with no reprocessing or reconditioning required. The seismic surveys offer full coverage across key structural and stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems. Historical Well Data and Hydrocarbon Shows: The block benefits from three legacy exploration wells drilled in the late 1980s by Soekor, South Africa's former state oil company. These include: AF-1: Confirmed gas discovery with tested flow rates of 32.4 MMscfd, AE-1: Encountered gas shows and oil indications, and AO-1: Provided key stratigraphic data and reservoir markers. All three wells were part of Soekor's regional Orange Basin program and offer critical calibration for seismic interpretation and future prospect de-risking. Strategic Asset Overview: Block 1 spans 19,929 km² offshore South Africa, directly abutting the Namibian border. The block extends from the shore to the continental shelf, some 175km offshore then to ~263 km out into deep water, encompassing a full margin transect from the shelf to deep water channel and fan complexes. Water depths range from shallow shelf (200 m) to deepwater (1,000 m), enabling a full spectrum of play types. The acreage is considered geologically analogous to the Kudu gas field to the north and sits immediately south of recent discoveries made by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), and Rhino Resources (Capricornus 1-X light oil discovery). Operational Readiness: Eco will assume operatorship of the block upon final regulatory approval. As the current Exploration Right Budget and Work Plan does not involve field operations, the program proceeds without the need for additional environmental permitting for immediate interpretation and technical work to progress. New Risk • Feb 27
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$6.5m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$58k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$6.5m). Currently unprofitable and not forecast to become profitable over next 2 years (US$2.9m net loss in 2 years). Market cap is less than US$100m (CA$64.8m market cap, or US$44.9m). Announcement • Jan 14
Eco (Atlantic) Oil & Gas Ltd. Announces Board Changes Africa Oil's representative, Oliver Quinn, has stepped down from Eco's Board of Directors with immediate effect. Consequently, Eco announced the appointment of Mrs. Emily Ferguson, aged 45, as a Non-Executive Director with immediate effect. Mrs. Ferguson brings 22 years of experience in the oil and gas industry, spanning technical, commercial, and senior leadership roles, with a particular focus on exploration assets. Most recently, she spent six years at TotalEnergies, where she served as VP of Exploration for Europe, the Middle East, North Africa, and Asia until August 2024. In this role, she was responsible for overseeing exploration activities across multiple regions. Before this, Emily was the lead negotiator for E&P asset divestments and acquisitions across Europe, South America, and Africa, with a particular emphasis on Southern and Eastern Africa. Prior to her time at TotalEnergies, Emily spent 12 years at Maersk Oil, where she held roles as Head of Kurdistan and Kazakhstan Exploration Assets, as well as Head of Kenya Exploration. She holds a BSc in Geology and Petroleum Geology and an MSc in Petroleum Geology from the University of Aberdeen, Scotland. Announcement • Oct 23
Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 27, 2024 Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 27, 2024. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (US$1.7k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$5.3m). Currently unprofitable and not forecast to become profitable next year (US$2.9m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$75.9m market cap, or US$54.8m). New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.0m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$112.9m market cap, or US$82.8m). New Risk • Mar 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$15m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.0m net loss next year). Market cap is less than US$100m (CA$66.6m market cap, or US$49.1m). Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Selma Usiku was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 22
Eco (Atlantic) Oil & Gas Ltd. Appoints Oliver Quinn as Non-Executive Director Eco (Atlantic) Oil & Gas Ltd. announced that On 2 January 2024, the Company announced that Dr Oliver Quinn had been elected as a Director of the Company subject to completion of the due diligence by Strand Hanson, the Company's Nominated Adviser, in accordance with the AIM Rules for Companies and Nominated Advisers. The Company confirmed at the aforementioned process has now been completed and Dr Oliver Quinn has been appointed to Eco's Board with immediate effect as the nominee Director of Africa Oil, which holds 14.84% of the Company's issued share capital. Dr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023, having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Dr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry.He is a graduate of the University of Manchester, where he studied for a BSc (Hons), Environmental & Resource Geology, and a graduate of the University of Edinburgh where hecompleted a PhD in Petroleum Science. While Dr Quinn replaces Keith Hill as Africa Oil's board nominee, the Board confirm that Mr. Hill has agreed to remain as a Non-Executive Director of the Company. Announcement • Oct 24
Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 29, 2023 Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 29, 2023, at 10:00 Eastern Daylight. Announcement • Oct 10
Eco (Atlantic) Oil & Gas Ltd. Announces Board Changes Eco (Atlantic) Oil & Gas Ltd. announced the appointment of Miss Alice Carroll and Miss Selma Usiku as directors of the Company with immediate effect. Miss Alice Carroll is currently the company's Head of Corporate Sustainability and joins the Board as an Executive Director. Alice is an experienced international stakeholder and external relations professional, with over a decade of experience within the oil & gas industry. Alice is skilled in marketing strategy and project execution, leading communications, and external relations on country entries, asset acquisitions, and monetisation across a global portfolio. Alice previously worked with Azinor Catalyst, the UK focused Oil and Gas exploration company, before becoming the Global Marketing and Investor Relations Manager for the Seacrest Azimuth Group, managing all external and stakeholder relations across UK, Ireland, Namibia, South Africa, Brazil, Honduras and Indonesia. Miss Carroll holds a BSc First Class honours in Biology with Science and Society from the University of Manchester. Miss Carroll joins the Board as an Executive Director with immediate effect and will continue her role as Eco's Head of Corporate Sustainability. Miss Selma Usiku is an experienced exploration geologist with a history of working in South Africa and in both the Namibian Oil & Energy and diamond industries. Selma's experience is predominantly in exploration geoscience, geophysics, basin modelling, petroleum geology and earth sciences, from almost 10 years as an exploration geologist with Brazilian HRT and Azinam. Selma was directly involved in the wild cat wells that made Namibia's first technical discovery of hydrocarbons at the Wingat-1 Walvis Basin play opener in 2013. Selma is an active member of the Namibia Petroleum Operators Association and currently Exploration Geologist with Debmarine Namibia. Miss Usiku holds a Master of Science (MSc) focused in Petroleum Geoscience from Royal Holloway, University of London. In 2018, Selma received theGlobal Women Petroleum & Energy Club Award for Excellence in Africa, and she was an Ambassador for the Geoscience Council of Namibia in 2021. Miss Usiku joins the Board as a Non-Executive Director with immediate effect. Mr. Helmut Angula will retire as a Non-Executive Director of the company, having served on the board since November 2011, with immediate effect. Mr. Angula will remain with the company in the role of a senior advisor to the Board. Announcement • Nov 18
Eco Atlantic Announces Update on Gazania-1 Well, Offshore South Africa Eco Atlantic announced that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned. The well logging is currently on-going and the JV Partners will undertake a detailed analysis of the results, which will inform its future plans. The JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa ("PASA") on November 15, 2022, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations. Therefore, the JV Partners have time to conduct further analysis and integration of the Gazania-1 well data to allow them to determine the next steps on the Block. The company, alongside its respective JV Partners, will now move on to executing its plans for more exploration wells, including a two-well campaign on Block 3B/4B offshore South Africa planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. As announced by the Operator of Block 3B/4B, acollaborative farm-out process, up to 55% gross WI, has been ongoing and look forward to updating the market on this in due course. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Director Keith Hill was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 15
Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 22, 2022 Eco (Atlantic) Oil & Gas Ltd., Annual General Meeting, Dec 22, 2022. Announcement • Oct 04
Eco (Atlantic) Oil and Gas Ltd. Announces Commencement of Operations on the Gazania-1 Well Eco Atlantic announced the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well. Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources. The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor. The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp. (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI). Announcement • Jun 29
Eco (Atlantic) Oil & Gas Ltd. has completed a Composite Units Offering. Eco (Atlantic) Oil & Gas Ltd. has completed a Composite Units Offering.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 33,406,531
Price\Range: £0.3
Transaction Features: Subsequent Direct Listing Announcement • Jun 22
Eco (Atlantic) Oil & Gas Ltd. Provides an Update on the Operations for Its Planned Gazania-1 Well, Offshore South Africa Eco (Atlantic) Oil & Gas Ltd. provided an update on the operations for its planned Gazania-1 Well, offshore South Africa. Eco through its wholly owned subsidiary Azinam South Africa Limited Operates and holdsa 50% working interest ("WI") in Block 2B,plans to spud the Gazania-1 well, 25km offshore the Northern Cape in South Africa in September 2022. The well will take approximately 25 days to drill. Eco Atlantic acquired 100% of Azinam Group as initially announced on 10 January 2022, which increased WI in its all existing Namibian licences PELs 97, 98, 99 and 100 to 85%, and led to a new country entry with two blocks offshore in the Orange Basin, South Africa; a 50% WI and Operatorship in Block 2B,which contains the previous AJ-1 oil discovery with56 million barrels of oil equivalent ("mmbbl") Mean Contingent Resourcesof light oil, and a20% WI in Block 3B/4B. Block 3B/4B directly offsets the prolific multibillion barrels discoveries offshore Namibia announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1). Eco, as Operator of Block 2B is leading the JV partnership comprised ofAfrica Energy Corp. (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI) and Crown Energy AB (10% WI)in drilling the Gazania-1 Exploration Well in Q3'22. The well is being drilled 25km offshore in 150 meters of water and will be drilled to a depth of approximately 2,800 meters to target a stacked pay section up dip of the AJ-1 discovery and in the proven oil horizon. As announced on 3 March 2022, Eco contracted theIsland Innovator rig with Island Drilling Company AS, the rig is to be mobilised from Bergen, Norway in the second half of July. Thestate of the art semi-submersible drilling rig was selected for its modern safe operating systems, its stationary anchoring and its system specifically engineered for the engineering requirements and depth range for this well. The well anticipated to be low pressure and low temperature based on the evaluation of all regional wells. It will be cased with three telescoped and cemented casings and will be drilled with environmentally friendly water based drilling fluids. The Company plans to seal and plug the well after the test with no remaining equipment left on the sea floor. The sea floor well area was surveyed in 2021 to confirm there are no environmental or culturally sensitive concerns. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Director Keith Hill was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
Eco (Atlantic) Oil & Gas Ltd. announced that it expects to receive CAD 26.237085 million in funding Eco (Atlantic) Oil & Gas Ltd. announced that it will enter into a brokered private placement to issue common shares at a price of CAD 0.50 for gross proceeds of $21,000,000 (CAD 26,237,085) on April 5, 2022. The transaction will include participation from new and existing institutional investors. Recent Insider Transactions Derivative • Jan 16
Co-Founder exercised options to buy CA$240k worth of stock. On the 12th of January, Gil Holzman exercised options to buy 500k shares at a strike price of around CA$0.30, costing a total of CA$150k. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. Since September 2021, Gil's direct individual holding has decreased from 10.38m shares to 8.48m. Company insiders have collectively bought CA$403k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 12
Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) signed a Memorandum of Understanding to acquire 100% of Azinam Group Limited from Seacrest Capital. Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) signed a Memorandum of Understanding to acquire 100% of Azinam Group Limited from Seacrest Capital on January 10, 2022. Eco Atlantic will issue to the Vendor such number of new common shares in Eco as provides the Vendor with 16.65% of Eco's share capital. As at September 30, 2021, Azinam had total assets of approximately $16 million. Completion of the Acquisition is subject, inter alia, to the signing of a Share Purchase Agreement and satisfactory completion of due diligence by Eco by January 31, 2022, and any requisite approvals from the Government of South Africa, the Government of Namibia and the TSX Venture Exchange. The deal is expected to complete by January 31, 2022. James Harris, Rory Murphy, James Bellman of Strand Hanson Limited acted as a financial advisor to Eco (Atlantic) Oil & Gas Ltd. Price Target Changed • Jan 11
Price target decreased to CA$1.93 Down from CA$2.21, the current price target is an average from 2 analysts. New target price is 389% above last closing price of CA$0.40. Stock is down 20% over the past year. The company is forecast to post a net loss per share of US$0.97 next year compared to a net loss per share of US$0.02 last year. Price Target Changed • Aug 18
Price target decreased to CA$2.04 Down from CA$2.21, the current price target is provided by 1 analyst. New target price is 300% above last closing price of CA$0.51. Stock is up 28% over the past year. Announcement • Jul 06
Eco (Atlantic) Oil & Gas Ltd. Announces Jabillo-1 Well Result Eco (Atlantic) Oil & Gas Ltd. has received a detailed update from JHI Associates Inc. ("JHI"). The Jabillo-1 well in the Canje Block, offshore Guyana, reached its planned target depth and was evaluated but did not show evidence of commercial hydrocarbons. Jabillo-1 will now be plugged and abandoned. This well was drilled at no cost to JHI or Eco and was completed on a full carry basis. The Jabillo-1 well was drilled to test Upper Cretaceous reservoirs in a stratigraphic trap. The well was positioned offshore Guyana, approximately 265 km northeast of Georgetown, in 2,903 meters of water and was safely drilled to a total depth of 6,475 meters. The Stena DrillMax Rig is currently operating in the ExxonMobil Operated Stabroek Block and is expected to move on to drill the Sapote-1 well, in the eastern portion of the Canje Block. The Sapote-1 Well is expected to be spud in mid-August 2021 with an estimated drilling time of up to 60 days. The Sapote-1 prospect is located in the south eastern section of Canje, and is a separate and distinct target from Jabillo. Sapote-1 lies approximately 100 km southeast of Jabillo and approximately 50 km north of the Haimara discovery in the Stabroek Block which encountered ~207 feet (63 meters) of high-quality, gas-condensate bearing sandstone reservoir and approximately 60 km northwest of the Maka Central discovery in Block 58 which encountered ~164 feet (50 meters) of high-quality, oil-bearing sandstone reservoir. Eco recently acquired a 6.4% interest in JHI with the option to increase its stake to 10% on a fully diluted basis. JHI, a private company incorporated in Canada, holds a 17.5% Working Interest in the Canje Block and was carried on the Jabillo-1 well. Eco remains well funded to progress its planned Orinduik Block drilling program, subject to partner approval, and now as a result of this recent investment in JHI, it is also fully funded for the ongoing program on Canje Block that includes the upcoming committed Sapote-1 well and any additional potential wells considered for this year. Announcement • Jun 17
Eco (Atlantic) Oil & Gas Ltd. Announces Guyana Operational Update Eco (Atlantic) Oil & Gas Ltd. provided an operational update on the Group's activities. Eco Atlantic's Orinduik petroleum block offshore Guyana (the Orinduik Block) has continued to advance in its maturity to the selection of further drilling prospects. Eco's partners in the Orinduik Block; Tullow Guyana BV - Operator (60% W.I.) and TOQAP Guyana BV, the Total/Qatar JV (25% W.I.) (together the JV), are confident in the technical advancement and scheduled progression towards drilling target selection in third quarter of 2021. The seismic reprocessing will be completed this summer, target selection is committed to follow by the JV and Eco is ready and prepared to drill a well in 2022, subject to approval by the JV. The JV did not solicit an extension of time as a result of the ongoing Covid-19 pandemic, and Eco continues to seek to accelerate progress towards the drilling of a third well on the Orinduik Block. Tullow, supported by the technical teams of Eco Atlantic and TOQAP, has significantly advanced the exploration of the Orinduik Block over the past 18 months. In-depth analysis of the Joe and Jethro wells, which both showed significant accumulations of biodegraded heavy oil in the lower Tertiary, have been further analysed geochemically. Mapping of thermal maturation, and further basin modelling, has led to an improved understanding of this Tertiary section's presence in the northern quadrant of the block and onto the neighbouring three Hammerhead discoveries - also anticipated to be in the same resource domain. The discovery of 27 API light oil in the Carapa well, which was drilled updip and inboard of the Orinduik Block, and within the Cretaceous section has been reviewed and focused on. Processed and reprocessed data has recently been received by the JV and is now being reviewed for defining the next prospects to be drilled on the Orinduik Block. The Operator, Tullow, has previously released a schematic of the prospects being focussed on, on trend with the Liza and Carapa discoveries. The concurrent PSDM 3D processing, ongoing interpretation, and the multiple analogues created by the on-going discoveries throughout the basin, has progressed the team's ability for refined interpretation and AVO analysis on the new PSDM. In addition, the JV is continuing detailed mapping of the depositional channel systems through the basin. This ongoing work is supported and mapped with data from each new well regionally drilled, as well as from prior logs held. The slope channel systems, terraces and resultant ponding create reservoirs and traps that have been further identified by the high resolution reprocessing. The JV has completed significant work on the depo-systems to map hydrocarbon travel updip onto the Orinduik terraces from the same source rock feeding the reservoirs within Stabroek, which is downdip from Orinduik. Price Target Changed • Apr 09
Price target decreased to CA$1.94 Down from CA$2.21, the current price target is an average from 2 analysts. New target price is 386% above last closing price of CA$0.40. Stock is up 8.1% over the past year. Announcement • Mar 16
Eco (Atlantic) Oil & Gas Ltd. Announces Renewal of Orinduik Petroleum Agreement Offshore Guyana Eco (Atlantic) Oil & Gas Ltd. announced that the joint venture partners in respect of the Orinduik Block offshore Guyana have successfully entered into the First Renewal Period of the Orinduik Petroleum Prospecting License initially signed on January 14, 2016 with the Government of Guyana, with the associated notice having now been approved and signed by the Department of Energy of the Government of Guyana. The DOE has also provided final approval for the transfer of the Total E&P Guyana B.V. 25% working interest in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely TOQAP Guyana B.V. Accordingly, the JV Partners now comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (Operator, 60% WI) and TOQAP (25% WI). The First Renewal Period sees the JV Partners maintain control of the licence through to January 13, 2023 and until the second renewal period. Price Target Changed • Feb 27
Price target lowered to CA$2.15 Down from CA$2.47, the current price target is an average from 3 analysts. The new target price is 430% above the current share price of CA$0.41. As of last close, the stock is down 16% over the past year. Announcement • Jan 28
Eco (Atlantic) Oil & Gas Ltd. Forms New Company with Nepcoe Capital Partners Ltd Eco (Atlantic) Oil & Gas Ltd. announced that it has formed a new company with Nepcoe Capital Partners Ltd. to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. (Eco Atlantic) owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe. Eco Atlantic is seeking to create additional shareholder value by applying its experience in integrated projects, direct negotiating with governments, and being agile within the renewable energy sector, while continuing to drive forward its core oil and gas assets in Guyana and Namibia. Pursuant to the Eco Atlantic Renewables joint venture shareholders agreement, Eco will have the right to nominate a majority of the Eco Atlantic Renewables board. The opportunities already identified within Eco Atlantic Renewables have significant potential, and Eco Atlantic Renewables will be targeting a circa 12% - 18% IRR for each project. Each project is expected to be held within a separate Special Purpose Vehicle ("SPV") to facilitate SPV level funding arrangements and potential asset level dealings as well as separate agreements with state utilities. Eco Atlantic Renewables is focused on identifying, securing, and developing projects in the solar PV sector. Eco Atlantic Renewables's immediate objective is to deliver value to investors through a portfolio of international solar PV projects. A number of the opportunities in its pipeline, including the recently acquired Kozani project in Greece, are fully contracted, permitted, and build ready, and in first stages towards financial closing whereas others are in various development and permitting stages. The focus will be on projects featuring a combination of one or all being able to benefit from Europe's best solar irradiation and those strategically located in markets with advantageous land prices in prime locations and with premium offtake prices. Benefiting partly from regulated revenues and long-term fixed power purchase agreements, these asset classes constitute attractive investment opportunities with additional sustainability features. Is New 90 Day High Low • Jan 09
New 90-day high: CA$0.43 The company is up 21% from its price of CA$0.36 on 09 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: CA$0.43 The company is up 26% from its price of CA$0.34 on 15 September 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Nov 21
New 90-day high: CA$0.42 The company is up 8.0% from its price of CA$0.39 on 21 August 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 30
New 90-day low: CA$0.33 The company is down 13% from its price of CA$0.38 on 31 July 2020. The Canadian market is down 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. 
