eco atlantic

Generating Value Through High Growth Energy Projects

Eco Atlantic Company overview July 2021

Disclaimer

IMPORTANT NOTICE

The information contained in this presentation (this "presentation") has been prepared by Eco (Atlantic) Oil & Gas Ltd ("the Company") as at the date of this presentation and is subject to updating,completion, revision, further verification and amendment without notice. This presentation is for general information only and is the property of the Company. Making this presentation available in nocircumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers,representatives, employees, advisers or agents for any purpose.

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Eco Atlantic’s Exploration Portfolio

Eco (Atlantic) Oil & Gas is an AIM and TSX-V listed oil and gas exploration company 1. TOQAP Guyana B.V. ("TOQAP") a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%)

Atlantic Margin Plays – Offshore Guyana and Namibia

Guyana – Orinduik Block

1,800 km2 Orinduik Block, (15%) Working Interest Partners: Tullow Oil (60%) (Operator) and TOQAP (Total/Qatar) (25%)1 two discoveries in 2019, drilling anticipated 2022, subject to Partner approval

Guyana - Strategic Investment 10% – JHI Associates Inc. a private Canadian Guyana pure-play deepwater exploration company founded in 2011. JHI holds 17.5% of the Canje Block Offshore Guyana, Partners include: ExxonMobil (Operator – 35%), TotalEnergies(35%) and Mid Atlantic (12.5%). High impact, near term well drill campaign

5 ExplorationLicenses

2 Discoveries

Mediterranean - Strategic Solar Investment – Solear Ltd. a fast-growing utility scale solar project developer, constructor, and asset operator across Southern Europe. Eco has provided an investment loan, executive directorship and oversight to de-risk and upgrade the asset portfolio to investment level status

Namibia – Cooper, Guy, Tamar & Sharon Blocks

Large operated interests in four offshore blocks covering 28,593 km2 in the Walvis Basin. Partnered with Azinam and NAMCOR

3 Near termCatalysts

Eco negotiating Orinduik Block, Guyana at 100%

First ExxonMobil exploration well in Stabroek block, Liza-1, discovers +1Bn barrels

Eco invited in Tullow Oil to JV on the License, Tullow & Eco awarded license January 2016

Company Overview – Progress to date

Focused on creating shareholder value through a rich portfolio of prospects and opportunities

Eco granted 4 offshore blocks, HRT’s Wingat-1 Discovery in Walvis Basin

2D seismic acquired and 3D seismic surveys shot

Tullow Oil Farm-in to Cooper Block

Orinduik partners maturing prospects and aiming for drilling target selection in Q3 Third-party wells offshore Namibia and increased farm out activityEquity Investment in JHI providing Eco near-term, low-risk, exploration drilling catalysts with significant upside

Strategic investment loan into Solear Ltd. renewable energy developer, focused on high yield solar photovoltaic projects

2011-2015

2018 2019 2020

Orinduik Block: Two oil discoveries at Jethro-1 and Joe-1. Both wells encountered high quality reservoirs containing mobile heavy crude. Total drilling cost net to Eco ~$10.6M for both wells

Total strengthens its international partnership with Qatar Petroleum in Guyana & Namibia (QP have 40% of Total’s 25% WI)

Updated Guyana CPR: 29% Increase in Gross Pros. Resources 5.1MMBOE

Covid-19 measures: strict cost-cutting process: decreased G&A ~$1M

Negotiated reissuance and establishment of a new 10-year life cycle for all four Namibia Licences

Eco farm out 25% of WI to Total E&P in preparation for drilling

2017

February 2017:

Eco IPO at 17pon London AIM

2021

Strong Board and Management Team

Significant experience in establishing, growing, financing and monetizing energy companies across Africa and S. America

Moshe Peterburg (Non-Executive Chairman)

• Over 30 years’ experience in Africa (Nigeria, Equatorial Guinea, Ghana, Namibia and others)

• Founder of a number of private businesses, including renewable energy companies Better Planet and B ecologic, with cross-sector expertise

• MBA in Finance from Tel Aviv University, Israel

Gil Holzman (President & Chief Executive Officer)

• Gil has over 20 years’ experience in the global mining and energy sectors • Successfully managed a portfolio of private and publicly‐listed resource and

energy companies• He brings extensive international negotiation expertise and has completed

multiple corporate acquisitions and asset mergers

Colin Kinley (Chief Operating Officer)

• Colin has 40 years’ of project management and executive oversight of large scale companies and projects in the energy, civil and mining sectors

• Colin brings unique international expertise in engineering, Government negotiations and has executed and managed multiple corporate acquisitions

• CEO Kinley Exploration LLC; Director: Marimaca Copper (TSX - MARI); Director Excelsior Mining Corp. (TSX:MIN), CEO Jet Mining Pty LLC

Gadi Levin (Chief Financial Officer)

• CFO of TSX-V listed companies; Vaxil Bio Ltd and Briacell Therapeutics Corp. Considerable experience in the public and private equity markets, across Europe, Africa, and the Middle East

• MBA from Bar Ilan University, Israel. Bachelor of Commerce degree in Accounting and Information Systems

Keith Hill (Non-Executive Director)

• Over 30 years’ experience in the oil industry including 18 years with the Lundin Group, in addition to senior positions at Occidental Petroleum and Shell Oil

• President and CEO of Africa Oil Corp., Director of Africa Energy, JHI Associates Inc., Shamaran Petroleum, Impact Oil and Gas and TAG Oil.

• Msc Geology and Bsc Geophysics

Helmut Angula (Non-Executive Director)

• Over 25 years’ experience in the Namibian Government • Served as Deputy Minister of Mines & Energy • Ex‐Minister of Fisheries & Marine Resources; Finance; Agriculture; Water &

Rural Development; Works & Transport

Peter Nicol (Non-Executive Director)

• 40 years’ experience in the banking industry, with 20 years specializing in the oil and gas sector

• Headed the Oil and Gas Research team at GMP Securities Europe, TristoneCapital

• Previously Head of European Oil and Gas Research at Goldman Sachs and Global Sector Director of Oil and Gas research at ABN AMRO

Alan Friedman (Non-Executive Director)

• Over 20 years’ experience in M&A, financings, and TSX/NASDAQ/AIM public transactions

• Principal of Canadian Capital Markets Advisory Firm, Bayline Capital Partners Inc.

• Co‐founder/Director Osino Resources (TSXV:OSI) and Auryx Gold Corp. Namibian assets sold to B2Gold (TSX:BTO) for ~$200m

Exploration Guyana

1. ExxonMobil press release, 27 Apr 2021 - ExxonMobil announces discovery at Uaru-2 offshore Guyana2. Gustavson Associates, 1 Feb 2020, Competent Persons Report for Certain Assets in Offshore Guyana, available on Eco’s website3. Hess Corporation, JP Morgan Conference Presentation, 23 June 2021

Gross Prospective Oil,Equivalent Resources

(MMBOE)

Net2 Prospective Oil,Equivalent Resources

(MMBOE)

Orinduik Block

Low estimate

Best Estimate

High Estimate

Low Estimate

Best Estimate

High Estimate

Total 2,614.6 5,141.3 9,313.8 392.2 771.2 1,397.1

Orinduik

• Orinduik Block, 170 km offshore Guyana in the Guyana-Suriname basin,and is adjacent and updip of the ExxonMobil operated Stabroek Block

• Eco holds a 15% working interest alongside TOQAP, theTotalEnergies/Qatar JV (25%) and Tullow Oil (60% - Operator) in the1,800 km2 Orinduik Block

• Independent CPR indicates Gross Prospective Resource P50 (Best) 5,141 MMBOE and P50 prospective resource 771 MMBOE net to Eco2

• Orinduik Block 22 prospects have been identified, 11 leads in Upper Cretaceous horizon

• Guyana rapid monetization: FID for Liza was in 2017, first oil produced 20th December 2019

• Neighboring Stabroek developments have very low breakevens3

Liza Phase 1: ~$35/bbl breakeven oil priceLiza Phase 2: ~$25/bbl breakeven oil pricePayara ~$32/bbl breakeven oil price

Guyana-Suriname Basin a world class petroleum province

Discovered recoverable resource estimate of over 9 billion barrels of oil equivalent to date1

Orinduik Block – Significant Potential

Two discoveries in 2019, tested less than 10% of the Block’s substantial potential: Partners planning to test Cretaceous horizon

Lead

Gross Unrisked

Prospective Oil

Resources (P50)

MMBOE

Risk

POS%

Jethro 208.3 100.00

Hammerhead 15 81.00

Joe 104.4 100.00

Jethro Ext 53.8 43.20

Jimmy 68.4 64.60

Jethro Chan 137.3 41.70

Alice 196.7 31.20

Kurty U 42.8 29.70

Kurty L 35.8 29.70

Jethro KW 158.5 33.60

Jethro West 183.8 33.60

TOTAL TERTIARY 1204.8KB 339.6 31.50

Rappu 500.1 35.10

DJ 173.9 33.70

KG 724.7 31.20

Amaila/Kumaka 775.8 31.50

Iatuk-D 725.3 31.20

KC 47.5 26.40

Amatuk 267.3 28.80

MJ-3 263.5 28.80

KC-A 73.8 26.40

EriKat 45.1 30.60

TOTAL CRETACEOUS 3936.6

• Seismic reprocessing to be completed August 2021 • Selection of next drilling target on licence by Partners expected in Q3 2021• Eco ready and funded to drill a well in 2022, subject to Partner approval

Orinduik Block Play Diversity and Multi-Billion Barrels Prospectivity

Orinduik

2019-2020 2021-2022

• Two oil discoveries in Tertiary, 55m and 16m net pay, ~11.5-14°API• Both discoveries confirm geological model and seismic interpretation • Fast and significantly low-cost drilling

Kanuku

1. Tullow Oil, Capital Markets Day Presentation, 25 Nov 2020, available via their website

1)

Strategic Equity Investment into JHI Associates Inc.

Summary of the Transaction announced 28th June 2021

Eco acquired a 6.4% interest in JHI Associates Inc. with the optionto increase its stake to 10% on a fully diluted basis. JHI, a privatecompany, holds a 17.5% Working Interest in the Canje ExplorationBlock offshore Guyana.1

Funded: from existing cash and a private placement of Eco Atlanticshares with Africa Oil Corp. and Charlestown Energy Partners,leaving Eco with strong cash reserves for future exploration wells

Board representation: Eco Atlantic Board member Keith Hill joinedthe JHI Board as Eco’s nominee.

Near-term drilling catalysts: Eco gained exposure to high-impact2021 Guyana drilling.

Future Collaboration: the transaction allows both Eco and JHI theopportunity for future cooperation in their shared focus exploringfor hydrocarbons on the highly prospective Guyana-Surinamebasin.

1. Eco Atlantic press release, 28 Jun 2021, Investment in Guyana and Imminent Drilling Programme2. Eco Atlantic press release, 05 Jul 2021, Jabillo-1 Well Result3. Westmount Energy Corporate Presentation, 07.06.2021, available via their website

Exploration:

• ExxonMobil Operated Block

• First Canje Well (Bulletwood-1) confirmed petroleumsystem & quality reservoirs Drilled Feb 2021 (Non-Commercial)1

• Second Canje Exploration Well (Jabillo-1, JHI fully carriedwell) 2021 tested Upper Cretaceous reservoirs in astratigraphic trap, reached planned target depth and wasevaluated but did not show evidence of commercialhydrocarbons.2

• Third Exploration Well Sapote-1 (Paid 17.5%) Q3 2021targeting in excess of 1BBbl.1

Canje Exploration 2021

Extended Potential

• Multiple significant prospects on large block

• Source rock trap centred over main kitchen within thebasin feeding the 9 Billion barrels discovered in Stabroek

• Direct vertical migration of oils then feeding up dip toStabroek

1. Westmount Energy Corporate Presentation, 07.06.2021, available via their website2. Eco Atlantic Press Release, 05.07.2021, Jabillo-1 Well Result

1)

Pre and Post Deposition Tri-River System1

Proven Stratigraphy – Multiple Fields• Tertiary – Pluma, Hammerhead, Jethro, Joe• Maastrichtian – Liza & Payara• Companion – Haimara, Longtail & Tripletail• Santonian – Redtail & Yellowtail 2 (Maka Central, Kwaskwasi & Keskesi in Surname)

Upper Cretaceous Focus for Canje• Light, Sweet, volatile crude oils with GOR ranging from 1500 to 1800 • 32⁰ to 40 ⁰ API• Liza, Payara, Snoek, Turbot, “Tails Trend” ,in Guyana and Maka Central,• Kwaskwasi & Keskesi in Suriname

1. JHI Associates AAPG ACE Conference Presentation, 29 Sep 2020, available via their website

Guyana strategic positioning building on Orinduik footprint

Exposure to large Canje play and prospectivity

• Exploration catalysts: near-term exposure to low risk, high impact two-well drilling programme in Canje Blockoffshore Guyana led by ExxonMobil.

• Enhancing Guyana footprint and play exposure: Canje Block is located ~180km offshore Guyana, covers ~4,800km2

in deep to ultra-deep water (1,700m-3,000m), and contains prospectivity in both continental slope and basin floortargets. Canje Block lies directly to the Northeast (outboard) of the prolific Stabroek Block.

• Future Collaboration: the transaction has created a strategic partnership between Eco and JHI and the opportunityfor future collaboration between the companies, both having a deep knowledge of the Guyana-Suriname Basin.

• Building on Orinduik’s Significant Resource Potential: multiple billion barrel oil prospects on Canje in addition toOrinduik’s Gross Prospective Resource over 5 billion Barrels of Oil Equivalent vastly increases the scale of the basinopportunity for Eco.

Exploration Namibia

Offshore Namibia sought after frontier exploration

Significant acreage position in prospective offshore oil province

• Four large offshore blocks in Walvis Basin offshore Namibia with acombined Average of ~60% Working Interest

• Re-set 10-year license terms and new Petroleum Exploration Licensesgranted as of 3rd February 20211

• Gustavson report Gross 2.36 Billion Barrels of P50 prospective resources(Net to Eco) Exclusive of PEL 50 acquired from Pan African Oil

• All blocks covered by 2D seismic data, Eco has interpreted over 10,000 kmof 2D since 2011, combined total of ~2000km2 of 3D seismic data overlicenses

• Recent farm-in activity, onshore gas discovery and up coming offshoreactivity in Namibia

License Block Size Block reference Eco ownership Controlling interest

Cooper 5,788 Km2 Block 2012A 54.3% WI Operator

Sharon 5,700 Km2 Block 2213 56.7% WI Operator

Guy 11,457 Km2 Blocks 2111B & 2211A 47.2% WI Majority Partner

Tamar 5,648 Km2 Blocks 2211B & 2311A 85% WI Operator

1. Eco Atlantic press release, 30 Nov 2020

Offshore Namibia – Walvis Basin Blocks

• Exploration Activity

Strategically placed to benefit from upcoming activity and increased data points

Orange Basin

Shell | Qatar PetroleumBlock 2913A

Total | Qatar | Impact 2913B Venus-1 Well,using Maersk drillship

GalpPEL 82

Maurel & PromPEL 44

Walvis Basin

Solar Energy

Strategic solar investment

Solear company overview

Target area

Europe: Photovoltaic power potential1

1) Solar resource map © 2019 Solargis2) Eco Atlantic Press Release, 26th January 2021

• Solear was established to capture economically competitive grid scale opportunities in the European photovoltaic power markets, with a focus on southern Europe

• The business is focused on acquiring projects at different stages of the development cycle and maturing them through to construction and operation, which will create a portfolio of assets with a balance of risk and return, while aiming for a blended average of double digit IRRs

• Investment into renewables, alongside its principal oil and gas exploration business, supports and diversifies Eco Atlantic’s strategy as a growth-oriented energy company

• Eco Atlantic is providing a shareholder loan of up to US$6m for its

70% stake in Solear Ltd.2 It is anticipated that the Loan will be

repaid in full upon a monetisation of the solar PV assets, from

future third party investment into Solear Ltd. or from future

project cash flows. Eco will maintain its majority interest

following repayment of the Loan

Solear near term objectives

Create a portfolio of investment grade solar development assets to attract capital for maturing through to construction and operation

Short term value accretion through the creation of a solar developer platform with a portfolio of assets at different

development stages

External third-party equity capital to be sought to continue asset development and support larger investment required

as assets enter late development and construction phase

Initial funding used to review acquisition opportunities and create an asset portfolio

of investment grade projects

Targeting material PV asset opportunities in southern Europe to support rapid

company growth

Absolute focus on shareholder returns

Sourcing projects with strong economics at competitive rates

Monitoring and considering monetising assets at the optimum point in the cycle

Shareholder liquidity likely through IPO

Nick Morgan – Chief Financial Officer

▪ Experienced Group CFO across public and private companies focused on the energy sector

▪ Broad experience in both advisory and executive positions

▪ Group CFO of a recently sold private equity backed UK flex power generation business

▪ Six years as the CFO of a publicly listed O&G exploration and production company

▪ 13 years of investment banking experience, advising on M&A and ECM transactions to the energy and natural resources sector

▪ Qualified Chartered Accountant by profession

Aneliya Erdly – Senior Advisor

▪ 16 years in senior management positions developing, financing, constructing and running renewable power generation businesses

▪ Former CEO of a pan-European renewables platform, originating 5 GW of wind and solar pipelines in Europe and over 10 GW globally

▪ Brought into operation close to 10 GW of Europe based solar assets

▪ Experienced in regulatory oversight, equipment procurement, asset management and cost optimization

▪ Previous roles include senior executive management at AES Corporate and SilverRidge (Riverstone)

▪ Joined Solear from advising Trafigura on the structuring of a new renewable energy platform and developing a global investment thesis

Eco’s Strategic Partnerships and value creation

Africa Oil Corp. invested CAD$14m in

Eco and formed a Strategic Alliance to seek new exploration

opportunities together

Raised US$17 million through oversubscribed placing and subscription

16,159,695 new common shares

2017 2018 2019 2021

Launch of Solear Ltd. Eco shareholder loan up to US$6m Loan will be repaid upon funding the Solar PV

development company, from future 3rd party investment

Eco will maintain its majority interest following repayment

of the Loan

TotalEnergiesUS$12.5 million

through option to purchase 25% WI in

Orinduik

Eco acquired up to 10% stake in JHI Associates, a private company with a 17.5% interest in the Canje

Block, Guyana.

Investment funded by cash reserves and private placement raising CAD$6.1m with Africa Oil Corp. and Charlestown Energy

Partners

2021

Eco’s Investment Case

Strong cash reserves combined with highly strategic positions in sought after frontier regions for exploration activity

Exposure to low cost, high yield solar PV opportunities via Solear Ltd. in the energy transition space

Generating Value Through High Growth Energy Projects

Growth Strategy

Potential Farm-outs, drilling and solar PV projects

Well positioned

Sector wise and geographically

Strong Financials

US$13M Working Capital and no debt (as of 31.03.21)

▪ Upcoming third party drilling activity in Namibia – potential to further unlock basins

▪ Continuous regional drilling and discoveries in the Guyana-Suriname basin improvesprospectivity of Orinduik & Canje

▪ Strict cost cutting measures taken in response to Covid-19, 50% cost reduction in 2020

▪ Fully funded for all upcoming drilling plans and work streams across the portfolio

▪ Supportive shareholders

▪ Reprocessing and target definition to select drilling locations

▪ 2020: Covid-19, depressed oil price, fluctuating markets creating opportunities

▪ Extensive pipeline of low cost, high yield solar PV projects

Exploration Success

Over 7.5 Billion barrels estimated resource

▪ Technical & economic evaluations of the two successful 2019 discoveries progressing

▪ Seismic reprocessing to be completed August 2021 & Partners drilling target selection in Q3 of 2021

Company Contact Information

Office 181 Bay Street, Suite 320Brookfield Place, Toronto

Ontario, Canada, M5J ET3

www.ecooilandgas.com

Gil HolzmanChief Executive Officer

[email protected]

Colin KinleyChief Operating Officer

[email protected]

Alice CarrollHead of Marketing and IR

[email protected]

TSX-V: EOG LON AIM: ECO

eco atlantic

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