New Zealand Energy Corp. Provides Corporate Update

• Licence Extension: New Zealand Petroleum & Minerals (NZP&M) granted a five-year extension for Tariki Petroleum Mining Licence (PML 38138), extending expiry to July 20, 2031.
• Production Restart: Production activities at the Tariki gas field have restarted, including artificial lift operations at the Tariki-5A well.
• Operational Target: The company targets establishing stabilized gas flows from the Tariki gas field by January 20, 2028.
• Regulatory Status: Work is progressing to finalize delayed annual filings for the year ended December 31, 2025, regarding the Management Cease Trade Order (MCTO). No material changes reported since May 1, 2026 update.
• Management Change: Mr. Frank Jacobs resigned as a director effective immediately for personal reasons.

• Operational Confirmation: The news confirms the production restart anticipated from the May 4th strong initial test results (Tariki 1A & 5A). This validates the operational thesis but does not introduce new upside beyond what was already priced in by the $0.60 price level reached on May 4th.
• Licence Security: The five-year extension to 2031 is a positive material development for asset security, ensuring the company retains rights during the critical production ramp-up phase. However, it does not immediately alter cash flow projections given the current MCTO status.
• Regulatory Overhang: The MCTO remains active with a filing deadline of June 29, 2026 (per May 1st news). While work is progressing, the lack of confirmation that filings are completed leaves significant regulatory risk. If the deadline is missed, trading suspension or delisting risks increase materially.
• Timeline Discrepancy: The target for "establishing stabilized gas flows" is set for January 2028, which contrasts with the May 4th announcement of "re-established commercial natural gas production." This suggests current operations are in a testing/optimization phase rather than full-scale commercial delivery, tempering immediate revenue expectations.
• Management Churn: The resignation of Frank Jacobs (outgoing Chairman) aligns with the January management changes but adds to governance volatility during a critical compliance period.

• Company: New Zealand Energy Corp. (TSXV: NZ).
• Flagship Project: Tariki Gas Storage Project and Waihapa-Ngaere Production Assets in the Taranaki Basin, New Zealand.
• Development Status: Moving from exploration/testing to production restart phase. Artificial lift operations commenced at Tariki-5A.
• Joint Venture Structure: 50% interest in PML 38138 (Tariki) and PML 38140/38141 (Waihapa-Ngaere), operated alongside L&M Energy Limited and Monumental Energy Corp.