New Zealand Energy Corp. announced it has received an independent reserves evaluation dated October 29, 2022 with an effective date of January 1, 2023, from RPS Energy Canada Limited ("RPS") in respect of the Tariki field located in the Petroleum Mining Licence (PML 38138) held as to 50% by NZEC's wholly owned subsidiary, NZEC Tariki Limited. This reserves evaluation continues the work programme undertaken by the Tariki Joint Venture over the last two years.

During 2020, reservoir studies indicated the likely presence of undeveloped gas in the Tariki Field. Encouraged by this assessment and also in support of the gas storage development, the Tariki Joint Venture acquired a 3D seismic survey over the Tariki Permit which was completed in June 2021. Processing of the new data was completed by the end of 2021 and interpretation of the Tariki field data has been ongoing throughout 2022.

The Tariki Joint Venture engaged RPS to prepare an independent report of the oil and gas reserves of the Tariki Field and is formalizing plans for drilling a well at Tariki in the first half of 2023 to produce the identified reserves.