Member Info for applicable

Namibia

In Namibia, we sharpened our focus on the deeper-water Walvis Basin blocks, PEL

99 and 100, where industry momentum and prospectivity remain strong. Together with

PEL 97, these assets form a balanced portfolio spanning shallow to deepwater plays

across proven petroleum systems. In Q3 2025, Eco was granted a one-year extension

to the Initial Exploration Period for PELs 97, 99, and 100, extending the term to

September 2026.

The farm-out of PEL 98 earlier this year represented disciplined portfolio optimization.

By transferring the asset to Lamda Energy, a Namibian firm, we delivered upfront

value, relieved future obligations, and retained upside exposure while supporting local

industry participation.

Looking Forward to 2026

As we approach 2026, we do so with great optimism and focus. The work completed

by my team in 2025 provides a strong foundation for disciplined asset management,

continued progress across our core basins, and a strategic partnership that expands

our options and strengthens our long-term outlook. With this groundwork in place, we

are now shifting from preparation to execution. In the coming months, we expect

several meaningful catalysts across the portfolio, from farm-outs and seismic

programs to near-term exploration wells and development decisions.

In Guyana, we anticipate continued exploration and appraisal progress supported by

further technical refinement. In South Africa, we are advancing environmental

permitting and preparing for carried exploration wells on 3B/4B and continuing theprospects interpretation and technical work programme on Block 1 CBK. In Namibia,

we continue partner discussions, advance 3D seismic activities, and define drill

targets. Our partnership with Navitas further strengthens our ability to advance these

workstreams efficiently, responsibly, and with expanded optionality.

Alongside progress across our core assets, our team actively evaluates new assets

and licenses for acquisition or partnering targeting opportunities that add incremental

value to the portfolio and shareholders.

Eco will maintain a disciplined capital structure that supports accretive growth while

avoiding unnecessary dilution. With strong exploration fundamentals, clear operational

visibility, and multiple catalysts ahead, we are entering one of the most exciting periods

in our corporate history. Our diverse portfolio, solid balance sheet, and the strength of

our partnership with Navitas position us to advance key assets across all core basins

in 2026.

As we move into this next phase, I want to sincerely thank our shareholders for their

continued support and belief in our long-term vision.

On behalf of the entire Eco Atlantic team,

Gil Holzman

President and Chief Executive Officer

22 December 2025

ECO ATLANTIC OIL & GAS LTD.

(“Eco Atlantic”)

2025 Year-End Shareholder Letter

Dear Shareholders,

2025 was a pivotal year for Eco Atlantic. It was defined by disciplined portfolio

management, and we laid the foundation for a transformative new partnership that will

reshape our positioning across the Atlantic Margins. It was also a year marked by

profound loss with the sudden passing of our co-founder and Chief Operating Officer,

Colin Kinley. Colin was a trusted partner, a driving force behind Eco’s technical vision,

and a dear friend to many of us. His experience, integrity, and entrepreneurial spirit

that helped shape the Company into who we are today is greatly missed.

Amid this transition, we remained focused on delivering value through targeted

decisions in the most prospective hydrocarbon frontiers. Our operational teams

continued to advance key workstreams in Namibia, Guyana, and South Africa, while

our new partnership with Navitas Petroleum will enhance our flexibility and long-term

growth potential.

Operational Review

Guyana

The Orinduik Block remains a core component of our multi-basin portfolio. Over the

past year, we continued reappraisal work on the Jethro and Joe heavy-oil discoveries

and completed structural modeling and scoping studies to assess both heavy and light

oil development pathways.

In December, Eco entered into an exclusive option agreement with Navitas Petroleum.

Upon exercise, Navitas will pay US$2.5 million to acquire an 80 percent workinginterest and operatorship in Orinduik. Eco will retain a 20 percent working interest,

carried for an exploration or appraisal program capped at US$11 million net to Eco

($55m gross and excluding mobilisation costs), subject to regulatory approvals.

South Africa

In South Africa, we advanced work streams across both 3B/4B and Block 1 CBK. On

3B/4B, where we are fully carried by TotalEnergies and QatarEnergy, regulatory

processes for environmental and permitting continue to progress transparently and the

joint venture partnership advanced drilling preparations to be ready as soon as the

permit process is complete. On Block 1 CBK, we began detailed subsurface analysis

and launched a farm-out process, which has generated strong industry interest.

Culminating in the wider partnership with Navitas, which upon exercise of its option,

Navitas will pay US$4 million to acquire up to a 47.5 percent operated interest. Eco

will retain up to 47.5 percent and be carried for the exploration work program, capped

at US$7.5 million net to Eco.

IJWT

Agreed, there are so many possibilities. Whatever comes first has the potential to turn this into multiples of where we are at the moment.

Redwineday

That is true, however do we get Navitas onboard without the extension? Perhaps but maybe on lesser terms. I’m pretty sure extension is going ahead so I have no concern there.

Regardless I am in this for the long haul. I own over a 0.25% of the company and it will take a lot more than 25p a share to consider selling a single one.

JBco

The company has already discovered the oil. The only speculation is if we discover more.

We await confirmation that the licence has been extended to carry out appraisal drilling and drilling a new well at Iatuk.

I think what some people on the board are missing is the fact that the oil has already been found at Joe and Jethro. Drilling will be appraisal drilling.

JBco, Eco only had 15% of Orinduik in 2019. When this deal closes we will have 20%. Yes there are more shares in issue but the extra slice of the pie takes care of this. We have more now than we have ever had. Also in 2019 we didn’t have 3B/4B or block 1 CBK or the JHI holding with Canje and Falklands licence. Still grossly undervalued at this price.

I take that back, you need to be over 3% to make it onto that page. Last percentage was 2.56%. Hopefully their sell off is nearly complete.

Confirmation that the Lunn family trust has sold out. Good news that the sell off has ended.

https://www.ecooilandgas.com/investors/major-shareholders/

An email I received from ECO this morning after the presentation dropped.

“Thank you for your message and for continuing to engage so thoughtfully with the Company’s progress. I completely understand the frustration that recent share price movements may have caused, and I’d like to reassure you that the management team remains fully focused on advancing the portfolio and delivering value for shareholders.

As outlined in our latest Investor Presentation and Video with Gil (available here), Eco is in a solid strategic position with multiple near-term catalysts:

Orinduik Block (Guyana): Discussions continue with a number of interested parties on potential farm-out opportunities. While we cannot provide detailed commentary on ongoing negotiations, progress remains steady and we are encouraged by the level of engagement.

Hammerhead Unitisation: We are maintaining close dialogue with ExxonMobil and the relevant authorities to ensure that Eco’s interests are appropriately represented as the process evolves.

Namibia Blocks: The recent transaction reflects our continued commitment to building long-term, sustainable partnerships in-country. While this structure provides for local participation, it also reduced license costs and significant work programme commitments and strengthens Eco’s relationships with key stakeholders. This positions us well for future growth in one of the most prospective regions in Africa.

We appreciate that market sentiment can be challenging in the short term, but management remains confident in the underlying asset value and the strategic progress being made across our portfolio.

I’d encourage you to review the full investor presentation and video, which provide further insight into these developments and the Company’s forward plan.

Thank you again for your continued support.

Kind regards,

Alice”

Alice Carroll

Head of Corporate Sustainability

Eco Atlantic Oil and Gas

Approval granted Sept 2018

https://www.lse.co.uk/rns/ECO/eco-receives-government-approval-to-drill-pel-30-zt4u88m2j5ei3zp.html

Submitted November 2017, RNS link below

https://www.lse.co.uk/rns/ECO/eco-files-for-ecc-drilling-permit-on-pel-30-ycqj86gy97qacwz.html

This was for block 5/6/7 which they are in the process of relinquishing.

Date given is for end of public comment on the environmental impact assessment in DWOB block which is block next to 3B/4B. Block 3B/4B is past that stage just awaiting final approval.

Papa stop your moaning and pay a couple of pounds to read it. Or don’t…..

Https://www.bloomberg.com/news/articles/2025-08-12/total-plans-south-africa-oil-hunt-near-major-namibia-discoveries?utm_medium=email&utm_source=author_alert&utm_term=250812&utm_campaign=author_16402273&embedded-checkout=true

the production rate will decline over the years, exxon will not be producing at that rate continuously over the coming years so there will be a longer timeline than what is being reported here. i would assume the journalist is unaware of this and has made their calculations on the back of a *** packet to create a headline.

I would be very surprised if you are getting information like that from emailing Exxon, unless you are at a very high level in the industry yourself and you have somebody’s ear at a personal level?

Having worked in the offshore oil and gas industry myself for major companies albeit on the production side and not exploration, information like this is not distributed to parties outwith the company. Smaller companies may be a bit more leaky.

Dream scenario is Exxon farm in but the odds of them not are heavily stacked in your favour to say I warned you that they wouldn’t if they do not farm in.

Personally I will await the RNS. Invested here for 3B/4B so anything with Orinduik is a bonus.

Do you have a source that Exxon will not farm in or is that speculation?

Hopefully deals are being held back until after Africa oil deal has closed out.