New Zealand Energy Corp. Provides Corporate Update

Executive Summary

• New Zealand Energy Corp. is providing a bi-weekly update regarding a Management Cease Trade Order (MCTO) from the BC Securities Commission due to delayed annual filings for the year ended December 31, 2025.
• The company has updated its expected filing completion date to June 29, 2026, citing delays in the asset impairment analysis and valuation work for the Tariki gas storage business.
• The company confirms no material changes to prior disclosures and will file its Q1 financial statements and related documents within five business days of submitting the annual filings.

Key Details

• MCTO issued by the British Columbia Securities Commission due to the delay in filing annual disclosure documents for the fiscal year ended December 31, 2025.
• Updated expected completion date for required filings: June 29, 2026.
• Primary cause of delay: Completion of the asset impairment analysis, specifically valuation work required to support the carrying value of the Tariki gas storage business, along with related audit procedures.
• Q1 financial statements, Management’s Discussion & Analysis (MD&A), and CEO/CFO certificates will be filed within 5 business days following the submission of the Annual Filings.
• Bi-weekly progress updates will continue to be issued in compliance with National Policy 12-203 until the filing default is resolved.
• Confirmation that there have been no material changes to information previously disclosed in the MCTO news release.
• Confirmation that the company remains in compliance with alternative information guidelines under NP 12-203 and anticipates no further specified defaults.
• No other undisclosed material information regarding the company's affairs.