New Zealand Energy Corp. Provides Corporate Update

Executive Summary

• New Zealand Energy Corp. provides a bi-weekly update regarding the status of its Annual Filings for the year ended December 31, 2025, which are currently delayed and subject to a Management Cease Trade Order (MCTO) issued by the British Columbia Securities Commission.
• The Company expects to complete the required annual filings before July 8, 2026, a delay attributed to the complexity of the asset impairment analysis for the Tariki gas storage business and related audit procedures.
• The Company confirms that there have been no material changes to the information previously disclosed in the MCTO news release and that it remains in compliance with National Policy 12-203 regarding alternative information guidelines.

Key Details

• Regulatory Status: The Company is subject to a Management Cease Trade Order (MCTO) due to the delay in filing annual disclosure documents for the fiscal year ended December 31, 2025.
• Updated Filing Timeline: The Company now expects to complete the Annual Filings before July 8, 2026. This is later than previously disclosed.
• Reason for Delay: The delay is caused by matters relating to the completion of the Company's asset impairment analysis, specifically the valuation work required to support the carrying value of the Tariki gas storage business, and the related audit procedures for management's impairment assessments.
• Subsequent Filings: Due to the delay in the Annual Filings, the Company will file its first-quarter financial statements, Management’s Discussion and Analysis (MD&A), and CEO/CFO certificates (required by National Instrument 52-109) within 5 business days of filing the Annual Filings.
• Compliance Confirmation: The Company confirms that:
  • There has been no material change to the information in the prior MCTO news release.
  • There has been no failure in fulfilling intentions regarding alternative information guidelines under NP 12-203.
  • There is no anticipated specified default subsequent to the current default.
  • There is no other undisclosed material information.
• Reporting Frequency: The Company is providing this bi-weekly update in accordance with National Policy 12-203 and will continue to provide such updates until it is no longer in default for failure to file the Annual Filings.

Notable Quotes

• "The Company confirms that work on the required documents is continuing and progressing."
• "The Company continues to work closely with its independent reserves evaluator and external auditors to complete the reserves evaluation process and finalize the audited annual consolidated financial statements as expeditiously as possible."