There has been a lot of unease about the viability of EBS moving forward. It was made very clear at Openworld that development of EBS is still going on and will continue.
In June, it was announced that there will be a 12.X release in the future that will be supported through at least 2030 (with a minimum of 10 years premier support after release). At Openworld, this release was referred to in multiple sessions as 12.3.
Cliff Godwin has stated that the EBS team fully intends to offer an upgrade path from 12.1.3 to 12.3, and that they will make sure the there is sufficient time before premier support ends (Dec 2021 for 12.1, and Sep 2023 for 12.2) to allow customers to complete an upgrade.
As far as 12.2, 12.2.7 was released at the beginning of September, and 12.2.8 is expected to be released in about 12 months. The current plan from Oracle is that 12.3 will follow approximately 18 months after the 12.2.8 release.
For more information, please check the usual Oracle blogs: