An anonymous director reports

NEW ZEALAND ENERGY CORP. ANNOUNCES PROPOSED PRIVATE PLACEMENT AND ENGAGEMENT OF AUCTUS ADVISORS

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 75 cents per share for gross proceeds of up to $4.5-million.

Since new management and directors were appointed in late November, 2023, the company has identified attractive development drilling and well interventions, for which capital is required. The net proceeds from the private placement will be used to advance the company's plans regarding the Tariki field, the Copper Moki field and the Waihapa field, and for general working capital purposes. For further information regarding the Tariki field, the Copper Moki field and the Waihapa field, please refer to the company's news release dated Feb. 16, 2024.

New Zealand Energy will aim to close the private placement on or about April 5, 2024. The private placement is subject to approval of the TSX Venture Exchange. 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. Additionally, finder's warrants may be issued in an amount up to 1 per cent of the number of common shares sold under the private placement. Each finder's warrant may be exercised to acquire one common share at a price of 75 cents per share for a period of 18 months from the closing. 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's chief financial officer and corporate secretary, Ketan Chhima, at kchhima@newzealandenergy.com.

The company has also entered into an engagement letter with Auctus Advisors LLC to act as the company's United Kingdom capital markets adviser. Auctus Advisors is arm's length to the company and advises that it does not own any securities of the company. Auctus Advisors is based in Kent, U.K., and is a specialist equity capital markets and advisory business, with a focus in the energy sector. For more information regarding Auctus Advisors, please visit its website.

The services that Auctus Advisors will provide include acting as a point of contact between the investment community and the company, preparing and publishing equity research on the company, advising the company on investment conditions and the pricing of its securities, and developing an awareness of the company and its business with institutional and other shareholders. The engagement is for an initial term of one year and shall continue unless terminated by either party by providing three months of prior written notice. Pursuant to the agreement, in the initial term, Auctus Advisors will be paid a retainer fee of 60,000 pounds sterling, payable quarterly in advance.

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