Mr. James Willis reports

NEW ZEALAND ENERGY CORP. ANNOUNCES PROPOSED PRIVATE PLACEMENT

New Zealand Energy Corp. intends to complete a non-brokered private placement offering of up to six million common shares of the company at a price of 38 cents per share for gross proceeds of up to $2.28-million. A finder's fee of up to 5 per cent of the gross proceeds of the private placement may be paid on all or any portion of the private placement.

The net proceeds from the private placement will be used to procure long-lead items for the Tarki-5 well and to finance working capital. As announced on Oct. 31, 2022, New Zealand Energy received an independent reserves evaluation from RPS Energy Canada Ltd. in respect of the Tariki field located in the petroleum mining licence (PML 38138) held as to 50 per cent by New Zealand Energy's wholly owned subsidiary, NZEC Tariki Ltd. For further information regarding the Tariki field and the reserve report, please refer to the company's news release dated Oct. 31, 2022. To further finance the Tariki-5 well, New Zealand Energy will advance discussions with one or more gas purchasers interested in acquiring Tariki gas in the ground.

New Zealand Energy will aim to close the private placement on or about Nov. 14, 2023. The private placement is subject to regulatory approval, including approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a hold period of four months plus one day from the date of closing. Shareholders or investors who may wish to participate in the private placement and who seek further details about the offering should contact the company secretary, Ketan Chhima, at kchhima@newzealandenergy.com.

We seek Safe Harbor.