RETRANSMISSION: Eco (Atlantic) Oil & Gas Ltd Announces Government Approval - Further Interest in Orinduik

Receipt of Government Approval for Operatorship and Acquisition of Additional 60% Interest in Orinduik Block offshore Guyana

TORONTO, ON / ACCESSWIRE / November 15, 2023 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce Government approval of the transfer of 60% Working Interest and Operatorship in the offshore Orinduik Block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana.

On 10 August 2023, the Company announced the signing of a Sale Purchase Agreement pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited ("Eco Guyana"), will acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V. ("TGBV"), a wholly owned subsidiary of Tullow Oil Plc. ("Tullow") in exchange for a combination of upfront US$700,000 cash and contingent consideration. The Company is pleased to announce that it has now received approval from Minister of Natural Resources and the Government of Guyana for the transfer of the one hundred percent (100%) shareholding interest in TGBV to Eco Guyana.

On completion of the transaction, Eco will become the Operator and hold an aggregate 75% Participating Interest in the Orinduik Block, via subsidiary Eco Orinduik B.V. following a scheduled name change ("Eco Orinduik"), which will hold a 60% Operated Interest, and Eco (Atlantic) Guyana Inc. which holds a 15% Participating Interest. TOQAP Guyana B.V will continue to hold a Participating Interest of 25%. Completion of the transaction is expected before year-end 2023.

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

"We are very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco. We have always been very involved with the exploration and interpretation of the Block, and our experienced team will step directly into Operatorship to finalize target selection.

"After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Billion Barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well proven horizon. This Transaction structure allows Tullow to continue to share upside in a discovery.