Eco (Atlantic) Oil and Gas Limited Announces Updated CPR on Orinduik Block, Offshore Guyana

Updated NI 51-101Compliant Competent Person's Report (CPR) on Orinduik Block, Offshore Guyana;Increasein Gross Prospective Resources P50 (Best) to 3,981MMBOE (from previous 2,913 MMBOE)

TORONTO, ONTARIO / ACCESSWIRE / March 18, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, is delighted to announce that Gustavson Associates LLC ("Gustavson") of Boulder Colorado has completed and delivered an updated NI 51-101 compliant Competent Persons Report ("CPR") on the Orinduik Block offshore Guyana ("Orinduik Block"). This report is the second on Eco Atlantic's Orinduik Block and follows the completion of the 3D processing and an additional six months of interpretation work. It supplements and updates the interpretation of the previous CPR announced on 11 September 2018.

Following the completion of the processing of the 2,550 km² 3D seismic program and the reported regional Tertiary aged discoveries, including Exxon's Hammerhead discovery, the company and its partners (Tullow - 60% Operator, Total - 25%, Eco - 15%) have completed a further extensive evaluation and risking exercise on the leads and targets on the Orinduik Block following review and analysis of this additional information. Gustavson has independently updated the previously announced P50 Best estimate of the Gross Unrisked Prospective Resources within the Orinduik Block.

Theupdated CPR estimates an increase in Gross Unrisked Prospective Resources P50(Best) to 3,981.9 MMBOE on theBlock, implying Net (15%) 597.3 MMBOE to Eco, identified across a total of15 Leads on the Orinduik Block.

Gross (to Block) and Net (to Eco) Barrels of OilEquivalent Unrisked Prospective Resources

Gross Unrisked Prospective ResourceEstimates for Orinduik Block

(MMBbl = million barrels of oil; BCF = billion cubic feet)

Eco's 15% Net Unrisked ProspectiveResource Estimates for Orinduik Block and Lead Risk Percentage

(MMBbl = million barrels of oil; BCF = billion cubic feet)

A link to the full CPR Report can be viewed online at www.sedar.com and is also available on the Company's website: www.ecooilandgas.com.

ColinKinley, co-founder and Chief Operating Officer of Eco Atlantic commented:

"Ecois pleased with the progress made in defining the prospectivity on Orinduik. Asthe regional play continues to develop, and more discoveries have been made,particularly in the Tertiary play, as was proven by Exxon's Hammerhead 1 discovery, this has allowed us to build upon our model. Ourfirst drill target scheduled for June is Jethro, on which Gustavson has firmedup their estimate to contain 214.5 MMBOE (P50) at 43.2% Chance of Success. Thepartners are in the process of approving a second well and we believe therisking will be in the same range as for Jethro. We hope to confirm drillingplans for well number two in the near future to take advantage of the economicsof our rig on the block.

"Weare very happy with the interpretation of the Hammerhead-1 discovery up on toOrinduik. Although the volumes are conservative, it has an extremely low riskfor drilling (81% Chance of Success) and has confirmed the presence of oil onour block. We understand that this discovery will be offset drilled on the Stabroekblock in the near future which will help further define our interpretation ofour other leads and targets.

"Wehave confidence in our and our partners' work to date, as we continue to workwith the industry leading teams at Tullow, who is Operator, and Total, who is afully engaged partner. At this point we are looking to drill strategiclower risk targets. Assuming positive results, we aim to move quickly toproduction planning and optimum economics for our partnership and the people ofGuyana."

Qualified Person'sStatement:

Jan Joseph Tomanek, Vice President of Gustavson Associates LLC, has reviewed the technical information contained within this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. Jan Tomanek is an American Association of Petroleum Geologists Certified Petroleum Geologist and an American Institute of Professional Geologists Certified Professional Geologist and has over 35 years' experience in the oil and gas field.

AllReserves and Resources definitions and estimates detailed in this announcementare based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource ManagementSystem ("PRMS").

**ENDS**

For moreinformation, please visit www.ecooilandgas.com orcontact the following:

The information contained within thisannouncement is deemed by the Company to constitute inside information asstipulated under the Market Abuse Regulations (EU) No. 596/2014.

Notesto editors

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests in Guyana and Namibia where significant oil discoveries have been made.

The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam.

In Guyana, Eco Guyana holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) in the 1,800 km² Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to the deep-water Liza Field and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead discoveries, recently made by ExxonMobil and Hess Corporation. The more recent discovery by ExxonMobil and Hess Corporation, Pluma-1, increased the estimate of recoverable resources for the Stabroek Block to more than 5.5 billion barrels of oil equivalent, and the latest discoveries at Tilapia-1 and Haimara-1 will further add to that estimate.

In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km² with over 2.3 billion barrels of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).

About Gustavson Associates:

Gustavson Associates LLC ("Gustavson") is an international oil, gas, and mining consulting firm consisting of professional geologists, engineers, economists, and appraisers. Gustavson has acted independently in the preparation of this Report. The company and its employees have no direct or indirect ownership in the property appraised or the area of study described. The fee for the CPR and the other services that may be provided is not dependent on the amount of resources estimated.

Gustavson has the relevant and appropriate qualifications, experience and technical knowledge to appraise the assets professionally and independently. Gustavson considers that the scope of the CPR is appropriate and includes and discloses all information required to be included therein and was prepared to a standard expected in accordance with the AIM Rules.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Eco (Atlantic) Oil & Gas Ltd.