Mr. James Willis reports

NEW ZEALAND ENERGY CORP ANNOUNCES 2023 THIRD QUARTER RESULTS

New Zealand Energy Corp. has filed with Canadian regulatory authorities its third quarter 2023 consolidated interim financial statements and corresponding management's discussion and analysis, which documents are available on the company's website and on SEDAR+.

Commenting on the company's third quarter 2023 results, chairman James Willis said: "The results saw a total comprehensive loss of $1,777,059 (2022: loss of $384,962). There was a $428,555 decrease in cash held ($92,007 was held at the end of the quarter). Cash used in operating activities for the quarter was $369,052 (2022: provided $611,940)."

As announced on Nov. 23, 2023, New Zealand Energy expects to complete a closing of an initial tranche of its non-brokered private placement offering of six million common shares of the company at 38 cents in the next few weeks, subject to final approval of the TSX Venture Exchange. The private placement has been well supported by investors.

Mr. Willis commented: "The oversubscribed private placement signifies the confidence that our investors have in the company. NZEC is now firmly focused on preparations for the drilling of the Tariki-5 well at the Tariki field."

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