The following note summarizes the actions taken by Eco (Atlantic) Oil & Gas Ltd. under its Company Incentive Plan and the operational consequences for its share register. On April 21, 2026 the company confirmed the automatic conversion of previously issued restricted share units and disclosed fresh awards alongside a recent exercise of options. For clarity, an RSU is a conditional right that becomes a share once vested, and a stock option grants the right to buy a share at a set exercise price.
These changes affect the number of shares to be admitted for trading, the pool of outstanding potential dilution and the list of persons discharging managerial responsibilities who received awards. The company operates on multiple exchanges, and the announcement explains vesting rules, exercise terms, and advisor relationships that underwrite the transaction process. Throughout, the company reiterates compliance with exchange policies and the limits set by its Omnibus Incentive Plan.
Table of Contents:
Details of vested RSUs and conversions
Following the release of the results for the three and nine months ended 31 December 2026, all pre-existing RSUs issued to certain directors and officers have vested. A total of 1,768,000 RSUs converted automatically into Common Shares. The aggregate conversion comprised 250,000 RSUs to directors, 350,000 RSUs to officers and 1,168,000 RSUs to consultants. These RSU conversion shares are issued at nil consideration and will rank pari passu with existing shares once admitted to trading.
New grants: RSUs and stock options
To recognise recent performance, the company granted a further 6,537,500 RSUs to selected Executive and Non-Executive Directors under the Omnibus Incentive Plan approved at the Annual and Special Meeting on 27 December 2026 and reaffirmed by shareholders on 27 March 2026. Those RSUs will vest automatically one year after grant and convert into 6,537,500 Common Shares. In parallel, the company granted 5,587,500 stock options to certain directors, officers and consultants, at an exercise price of CAD$1.24 (GBP£0.67) per share.
The options vest in two equal tranches: 50% after the first anniversary and 50% after the second anniversary from the date of grant. Once vested, the options are exercisable at the recipient’s discretion and expire five years from grant. These awards are made within the rolling 10% limit permitted by the Omnibus Incentive Plan and are subject to TSXV policies and the plan’s terms.
Recent option exercise
The company also received notice of the exercise of options over 100,000 Common Shares at a price of US$0.218 (CAD$0.30) per share. The exercise generated proceeds of US$21,800 (CAD$30,000). This immediate conversion reduced outstanding option rights and increased issued share capital ahead of the planned admission of the new shares to trading.
Admission, share capital and 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, representing the RSU conversions detailed above. Admission is expected on or about 24 April 2026. On Admission the new shares will rank pari passu with existing shares. Following Admission, the company’s issued share capital will total 347,809,027 Common Shares, each carrying one vote; the company holds no shares in treasury. Shareholders may use this figure as the denominator for disclosure thresholds under the FCA’s Disclosure Guidance and Transparency Rules.
Governance disclosures and adviser contacts
Several persons discharging managerial responsibilities (PDMRs) were notified in line with regulatory obligations. Recipients named in the disclosures include Gil Holzman (President and CEO), Alice Carroll (VP Business Development & Corporate Affairs), Gadi Levin (Chief Financial Officer), Keith Hill (Non-Executive Chairman), Peter Nicol, Emily Ferguson and Alan Friedman. New RSU and option allocations to these individuals were reported, with the following indicative award sizes under the single grants: RSUs of 2,000,000; 937,500; 625,000; 375,000; 250,000; 250,000; 250,000 across the named recipients and options of 1,500,000; 937,500; 625,000; 375,000; 250,000; 250,000; 250,000 respectively.
Advisers and contacts
The company named its advisers and brokers in the release: Strand Hanson as nominated adviser, and Canaccord Genuity and Berenberg as joint brokers. PR services are provided by Celicourt. For further information, the company directs readers to www.ecooilandgas.com and to the listed adviser and PR contact points.
Forward-looking statements
The release includes a standard caution that certain statements are forward-looking and therefore subject to risks and uncertainties, including regulatory approvals, market conditions, commodity price volatility and operational risks in the oil and gas sector. Readers are advised not to place undue reliance on forward-looking statements and to consult the company’s public filings on SEDAR+ for further risk disclosures.