Business
MONUMENTAL ENERGY CORP. ENTERS INTO A DEFINITIVE AGREEMENT WITH TARANAKI VENTURES LIMITED FOR A 25% ROYALTY INTEREST IN THE COPPER MOKI OIL & GAS WORKOVER WELLS
MONUMENTAL ENERGY CORP. ENTERS INTO A DEFINITIVE AGREEMENT WITH TARANAKI VENTURES LIMITED FOR A 2...
About this update from Monumental Energy Corp.
[{"type":"text","content":"\n\n\n\n MONUMENTAL ENERGY CORP. ENTERS INTO A DEFINITIVE AGREEMENT WITH TARANAKI VENTURES LIMITED FOR A 25% ROYALTY INTEREST IN THE COPPER MOKI OIL & GAS WORKOVER WELLS\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n MONUMENTAL ENERGY CORP. ENTERS INTO A DEFINITIVE AGREEMENT WITH TARANAKI VENTURES LIMITED FOR A 25% ROYALTY INTEREST IN THE COPPER MOKI OIL & GAS WORKOVER WELLS\n \n\n Canada NewsWire\n \n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Oct. 25, 2024\n \n\n /CNW/ - Monumental Energy Corp. (\"\n \n Monumental\n \n \" or the \"\n \n Company\n \n \") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased to announce that it has entered into a call option and royalty agreement (the \"\n \n Agreement\n \n \") with New Zealand Energy Corp. (\"\n \n NZEC\n \n \")(TSXV: NZ) enabling the Company to participate in the refurbishment and restart of two significant previously producing oil wells in\n \n New Zealand\n \n . On exercise of the call option, Monumental shall receive 25% of the value received from the sale of oil and gas from the two wells.\n \n\n\n\n\n\n\n\n\n The option and royalty agreement has been established between Monumental's wholly-owned subsidiary Monumental Energy Corp NZ Limited, and Taranaki Ventures Limited (\"\n \n TVL\n \n \"), a wholly owned subsidiary of New Zealand Energy Corp. (\"\n \n NZEC\n \n \")(TSXV: NZ) dated\n \n October 25, 2024\n \n , pursuant to which, among other things, the Company will participate in the repair and workover operation in order to restart production of two wells, Copper Moki 1 & 2 (\"\n \n CM 1 & 2\n \n \"), which are located on a permitted block PMP 55491, for which TVL holds a 100% interest.\n \n\n In connection with the Agreement, the parties have agreed to the terms of a royalty agreement that is annexed to the Agreement, that will be deemed effective on and from the date on which the Company elects to exercise the call option. In accordance with a detailed budget and work plan, the Company will make monthly cash payments to complete the repair and workover of CM 1 & 2, which is es...