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Monumental Energy Announces Additional Participation in Production-Focused Workovers in the Taranaki Basin, New Zealand
Monumental Energy Corp. (“ Monumental ” or the “ Company ”) (...
About this update from Monumental Energy Corp.
[{"type":"text","content":"Monumental Energy Announces Additional Participation in Production-Focused Workovers in the Taranaki Basin, New Zealand\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Monumental Energy Corp. (“\n \n Monumental\n \n ” or the “\n \n Company\n \n ”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce its plans to participate in four production-focused initiatives through workover projects jointly owned by New Zealand Energy Corp. (“\n \n NZEC\n \n ”) and L&M Energy (“\n \n LME\n \n ”), a privately held oil and gas company.\n \n\n This press release features multimedia. View the full release here:\n \n https://www.businesswire.com/news/home/20251015363134/en/\n \n\n\n\n\n\n The project workovers are currently held in equal partnership by NZEC and LME. Under the participation terms, Monumental will fund NZEC’s 50% of the workover phase, while LME will contribute its proportionate share of costs. These workovers will follow the same royalty structure as that established for the successful Copper Moki programs, whereas Monumental will earn a 25% royalty on NZEC’s production share after full recovery of its capital investment, which will be repaid from 75% of NZEC’s net revenue interest.\n \n\n\n Background of Additional Workovers\n \n\n\n The Waihapa/Ngaere Field, located in the prolific Taranaki Basin of New Zealand, lies within one of the country’s most productive hydrocarbon regions, recognized globally for its high discovery rate and reliable performance relative to other mature basins worldwide.\n \n\n Discovered in 1988, the Waihapa-H1 well flowed oil at rates of approximately 4,500 barrels per day from the Tikorangi Limestone Formation at a depth of roughly 2,800 metres. Development across the field throughout the 1990s focused on the Tikorangi, leading to production levels exceeding 5 million barrels per year and cumulative recovery of approximately 24 million barrels of oil and several tens of billions of cubic feet (BCF) of natural gas before tapering off in the early 2000s. Reservoir engineering studies have since identified the potential for several million barrels of additional recoverable oil within the broader field area.\n \n\n\n Waihapa-H1 Re-entry\n \n\n\n The Waihapa-H1 well, drilled in the...