Mr. James Willis reports

NEW ZEALAND ENERGY ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS AND PROVIDES CORPORATE UPDATE

Frank Jacobs and Michael Adams (who served as the chief executive officer of New Zealand Energy Corp. from 2015 to 2021) have been appointed as directors of New Zealand Energy.

New Zealand Energy also announced that Mark Dunphy and Dr. David Llewellyn have resigned as directors. The company expresses its thanks for the efforts of Mr. Dunphy and Dr. Llewellyn, who have helped guide the company to its present position, where the company now has meaningful growth targets it can pursue.

New Zealand Energy also announced that, further to its Oct. 24, 2023, news release, it expects to complete a closing of an initial tranche of its non-brokered private placement offering of common shares of the company in the next few weeks, subject to final approval of the TSX Venture Exchange. The company anticipates that a proposed investment by Vliet Techniek BV, a company wholly owned by Mr. Jacobs, will result in Vliet becoming a holder of more than 20 per cent of the issued capital of the company and therefore a new control person (as defined in the policies of the TSX Venture Exchange) of the company. Approval of the creation of the potential new control person will be submitted for approval by the disinterested shareholders of the company at the upcoming annual general and special meeting to be held on Dec. 29, 2023.

The company further confirms that there is no undisclosed material information concerning New Zealand Energy or its business.

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