Mr. Toby Pierce reports

NEW ZEALAND ENERGY CORP. PROVIDES CORPORATE UPDATE

New Zealand Energy Corp., further to the company's news releases regarding the issuance of a management cease trade order (MCTO) by the British Columbia Securities Commission in connection with the delay in filing its annual disclosure documents for the year ended Dec. 31, 2025, confirms that work on the required documents is continuing and progressing.

The company continues to work closely with its independent reserves evaluator and external auditor to complete the reserves evaluation process and finalize the audited annual consolidated financial statements as expeditiously as possible. The company currently expects to complete the required filings before June 29, 2026, which is later than the company disclosed in its prior news releases. The updated timing is as a result of matters relating to the completion of the company's asset impairment analysis, including the valuation work required to support the carrying value of the Tariki gas storage business, and the related audit procedures required in connection with management's impairment assessments and the finalization of the company's audited annual consolidated financial statements. Additionally, because of the delay, the company will be filing its first quarter financial statements, the related management's discussion and analysis, and the chief executive officer and chief financial officer certificates required by National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, within five business days of filing its annual filings. The company is providing this biweekly update in accordance with National Policy 12-203, Management Cease Trade Orders, and will continue to provide such biweekly updates until such time that it remains in default for failure to file the annual filings.

The company confirms that as of the date herein, other than as set forth herein: (a) there has been no material change to the information set out in the MCTO news release that has not been generally disclosed; (b) there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the MCTO news release; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed.

About New Zealand Energy Corp.

New Zealand Energy is a publicly listed energy company focused on the development of oil, gas and gas storage opportunities in New Zealand. The company holds interests in multiple heritage assets and development-stage projects, including the Tariki gas storage project in Taranaki. With a 50-per-cent ownership stake in the Waihapa production station, the company can quickly tie in any near-term production and sell directly to market.

We seek Safe Harbor.