Eco (Atlantic) Oil & Gas issues 347M shares in new transactions

TORONTO, ON / ACCESS Newswire / April 21, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces the issuance of Common Shares and Restricted Share Units ("RSUs") and stock options to certain directors, officers and consultants of the Company.

Further to publication of the Company's Results for the three and nine months ended 31 December 2025 on 2 March 2026, all pre-existing Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have vested and a total of 1,768,000 RSUs will be automatically converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares"). Of the RSUs vested 250,000 were issued to directors, 350,000 to officers and 1,168,000 to consultants.

To recognize the recent achievements and performance of the management and technical team, as well as the Board, the Company has made an award under its Company Incentive Plan.

In addition, the Company has also issued 6,537,500 RSUs to certain Executive and Non-Executive Directors, pursuant to the Eco's Omnibus Incentive Plan as approved at its Annual and Special Meeting held on 27 December 2024 (the "Plan") and as most recently approved by shareholders on 27 March 2026. The RSUs will automatically vest one year after the date of grant and convert into 6,537,500 common shares of the Company ("Common Shares").

In addition, the Company announces that it has granted stock options to subscribe for 5,587,500 Common Shares at an exercise price of $CAD1.24 (£0.67) per Common Share (the "Options") to certain directors, officers and consultants of the Company. The Options vest in two tranches from the date of grant, 50% after the first anniversary from the date of grant and 50% after the second anniversary from the date of grant. The Options are exercisable, following vesting, at the recipient's discretion and expire five (5) years from the date of grant. The grants are made pursuant to the Company's rolling Omnibus Incentive Plan, which permits the issuance of up to 10% of the Company's issued and outstanding common shares. The options are subject to the terms of the Company's Omnibus Incentive Plan and TSXV policies.

In addition, the Company has received a notice of exercise in respect of stock options over 100,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.218 (CAD$0.30) per share, at a cost of US$21,800 (CAD$30,000) in respect of the exercise.

Total Voting Rights

Application has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 1,868,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 24 April 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 347,809,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.