Mr. James Willis reports

NEW ZEALAND ENERGY CORP ANNOUNCES 2023 QUARTER 4 RESULTS

New Zealand Energy Corp. has filed with Canadian regulatory authorities its fourth quarter 2023 consolidated financial results and an accompanying management's discussion and analysis report, which documents are available on the company's website and on SEDAR+.

Commenting on the company's 2023 end-of-year results, chairman James Willis said: "The results saw a loss of $2,075,929 (compared to the 2022 profit of $1,840,340), which included significant non-cash expenses, including depreciation and depletion. Over all, there was a $694,355 increase in cash at year-end, and $1,180,393 was held as at Dec. 31, 2023. Cash used by operating activities was ($1,404,159), compared to 2022 when $720,088 of cash was provided by operations.

"The company achieved average net daily production of 27 [barrels of oil equivalent per day] (99 per cent oil) through 2023 compared to 81 boe/d (88 per cent oil) during 2022. This reduction in production is primarily the result of equipment failure at Copper Moki and the cessation of gas lift at Waihapa due to fuel gas costs."

With respect to development operations, Mr. Willis commented: "The Tariki gas development remains our primary focus with drilling scheduled for August this year. Work is also advancing on achieving immediate production gains by replacing the failed downhole equipment in two Copper Moki wells in May."

We seek Safe Harbor.