New Zealand Energy Corp. Announces Successful Production from Waihapa H1 Well

Rhea-AI Summary

New Zealand Energy Corp (OTC: NZERF) announced that the Waihapa H1 well in onshore Taranaki has resumed production after a workover, with NZEC holding a 50% interest in licences PML 38140 and PML 38141. Initial stabilized oil and gas flow was reported at ~553 barrels per day over a 24‑hour period following six days of production and cleanup.

The well targets Mount Messenger formation pay previously perforated at Ngaere‑1; oil is being sent to the nearby Waihapa facility about 100 metres away for processing and sale, and associated gas is sold into the local market.

Positive

• Initial flow of approximately 553 barrels per day over a 24‑hour period
• 50% licence interest in PML 38140 and PML 38141
• Immediate processing via Waihapa facility located ~100 metres from the well

Negative

• Reported rate is based on six days of production and cleanup, a limited test period
• No long‑term sustained production or formal guidance provided for NZERF

News Market Reaction – NZERF

+19.65%

1 alert

+19.65% News Effect

On the day this news was published, NZERF gained 19.65%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce that the Waihapa H1 well, located in onshore Taranaki, New Zealand, has successfully resumed production following recent workover activities conducted with its co-venturer L&M Energy Ltd. and pursuant to an agreement with Monumental Energy Corp. (TSXV: MNRG). NZEC holds a 50% interest in PML 38140 and PML 38141, where the Waihapa H1 well is located.

The Waihapa H1 well workover targeted previously identified bypass pay within the same Mount Messenger formation zone that was recently perforated at the Ngaere-1 well, with seven six-meter perforated intervals that all encountered natural, high pressured oil flow during operations. Oil from the well is currently being transported to the nearby Waihapa production facility, located approximately 100 metres from the well site, for processing and sale. Associated natural gas is also being processed and sold into the local market.

The Company has encountered initial stabilized oil and gas flow rates of approximately 553 barrels per day over a 24-hour period, following six days of production and well clean-up.

The Mount Messenger formation is a proven producing zone in the region and is the primary reservoir in the adjacent Cheal oil field, which has produced approximately 12 million barrels of oil. The Waihapa H1 well is located within sight of the Waihapa production facility, allowing associated gas to be connected directly to the facility for immediate processing and production. Current natural gas prices in New Zealand range from approximately USD$10 to USD$15 per MCF, making it one of the highest gas price environments globally.

Toby Pierce, CEO of NZEC, commented, "This successful workover at Waihapa H1 demonstrates the value of optimizing existing infrastructure and previously identified bypass pay zones within our licences. We look forward to completing production testing and evaluating additional opportunities to enhance production across the Waihapa and surrounding fields."

NZEC continues to work with its co-venturers to evaluate additional workover and production optimization opportunities across its Taranaki Basin assets.

About New Zealand Energy Corp.

NZEC is a publicly listed energy company focused on the development of oil, gas, and gas-storage opportunities in New Zealand. The Company holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in Taranaki. With a 50% ownership stake in the Waihapa production station, the Company can quickly tie in any near-term production and sell directly to market. For more information, please visit www.newzealandenergy.com.

For further information:

Toby Pierce, Chief Executive Officer
Email: info@newzealandenergy.com
Website: www.newzealandenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding expected production performance, the stabilization and testing of production from the Waihapa H1 well, potential future workover and production optimization activities, the anticipated timing of flowback operations at the Tariki-5A well, the advancement of the Tariki Gas Storage Project, and the potential role of gas storage infrastructure in supporting New Zealand's energy supply.

Forward-looking statements are based on management's current expectations and assumptions, including assumptions regarding operating conditions, commodity prices, regulatory approvals, and the availability of capital. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including risks related to exploration and production activities, reservoir performance, operational issues, regulatory approvals, commodity price fluctuations, and general economic and market conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.

Certain information in this release constitutes oil and gas information under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Any references to production rates, including initial or stabilized flow rates, are preliminary in nature and are not necessarily indicative of long-term well performance, reservoir characteristics, or ultimate recovery. Such rates may also include temporary flowback fluids and may be affected by equipment limitations or operational conditions. Actual production rates may vary over time as reservoir performance is evaluated and production optimization activities are undertaken.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288951

FAQ

What production rate did NZERF report for the Waihapa H1 well on March 19, 2026?

The company reported an initial stabilized oil and gas flow of about 553 barrels per day. According to the company, this rate was measured over a 24‑hour period after six days of production and well clean‑up at Waihapa H1.

How much ownership does NZERF have in the licences containing Waihapa H1?

NZERF holds a 50% interest in PML 38140 and PML 38141 where Waihapa H1 is located. According to the company, the workover was conducted with co‑venturer L&M Energy and under an agreement with Monumental Energy.

Which geological zone does the Waihapa H1 well target for NZERF's production?

Waihapa H1 targets the Mount Messenger formation, a proven producing zone in the region. According to the company, this is the same primary reservoir as the adjacent Cheal oil field, which produced about 12 million barrels.

Where is Waihapa H1 oil and gas being processed and sold for NZERF?

Oil is transported to the nearby Waihapa production facility about 100 metres from the well for processing and sale. According to the company, associated natural gas is also processed and sold into the local New Zealand market.

What do local gas prices imply for NZERF after Waihapa H1 restarted production?

New Zealand gas prices range roughly USD $10–$15 per MCF, one of the higher global environments. According to the company, those prices support commercial sale of associated gas from Waihapa H1 into the local market.