Mr. James Willis reports

NEW ZEALAND ENERGY ANNOUNCES PROPOSED SHARE CONSOLIDATION

New Zealand Energy Corp.'s directors have approved a consolidation of its share capital on the basis of one new common share for every existing 10 common shares, subject to regulatory approval, including approval of the TSX Venture Exchange.

Effective on or about Oct. 20, 2023, New Zealand Energy will complete the consolidation. Where the exchange results in a fractional share, the number of common shares will be rounded up to the next greater whole number of common shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of common shares if the fractional entitlement is less than 0.5 and, in calculating such fractional interests, all common shares registered in the name of and held by such shareholder shall be aggregated. The directors believe the consolidation should enhance the marketability of the common shares as an investment and will facilitate additional financings to fund future operations. A new CUSIP number of 650158306 replaces the old CUSIP number of 650158207, to distinguish between the preconsolidated and postconsolidated shares. The company's name and trading symbol will remain unchanged.

The consolidation is being conducted on a push-out basis. Shareholders of the company, with or without a physical share certificate, do not need to take any action with respect to the consolidation. Share certificates for the postconsolidation common shares will be mailed on or about Oct. 20, 2023. Existing share certificates will be cancelled.

Commencing at the opening of trading on or about Oct. 20, 2023, the common shares of the company will trade on a postconsolidation basis on the TSX Venture Exchange. Following the consolidation, there are expected to be 2,321,235 postconsolidation shares outstanding.

We seek Safe Harbor.