It's Windows16 most probably. I.e. Windows 3.1. It cannot work in Win64 natively. You have two ways: install Win3.1 under DOSBox and try to run it from there - or found Win32-wersion. I believe, Archive.org can have the needed version. Check
this. Installer is definitely Win32, but I have no idea if it could install Win16 game - in that case your only solution is above.
eXo will work on "eXoWin3x collection", that will allow you to run the game, but no one knows when this collection will be available.