Board Change • May 20
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 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. 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. 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 • Sep 01
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$5.7m 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$5.7m free cash flow). Revenue is less than US$1m (US$1.5k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$3.1m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€58.4m market cap, or US$64.5m). 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 Share price has been highly volatile over the past 3 months (17% average weekly change). 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). Market cap is less than US$100m (€50.6m market cap, or US$54.8m). Board Change • Mar 28
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. 
