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Monumental Energy Announces Successful Initial Production From Ngaere-1 Well and Provides Outlook for 2026
VANCOUVER, British Columbia, March 05, 2026--Monumental Energy Corp. ("Monumental" or the "Company") (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce (further to the Company’s news release dated January 13, 2026) the successful perforation and strong initial production results from the Ngaere-1 well, in partnership with New Zealand Energy Corp. ("NZEC") and L&M Energy Ltd. ("LME") (collectively, the "Partnership"). NZEC is the holder of a 50% interest in the Petroleum Mining Licences
About this update from New Zealand Energy Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, March 05, 2026--(BUSINESS WIRE)--Monumental Energy Corp. ("Monumental" or the "Company") (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce (further to the Company’s news release dated January 13, 2026) the successful perforation and strong initial production results from the Ngaere-1 well, in partnership with New Zealand Energy Corp. ("NZEC") and L&M Energy Ltd. ("LME") (collectively, the "Partnership"). NZEC is the holder of a 50% interest in the Petroleum Mining Licences PML 38140 and PML 38141 (together, the "Licences") located in onshore Taranaki, New Zealand, pursuant to a joint operating agreement between NZEC and L&M Energy Limited (the "JOA").","length":777,"tagName":"p"},{"type":"text","content":"The Partnership enables Monumental to participate in certain mutually agreed upon appraisal and development workover projects with NZEC to increase oil and gas production from the area covered by the Licenses. The parties have selected Ngaere-1 well as the first project under the Partnership.","length":293,"tagName":"p"},{"type":"text","content":"NGAERE-1","length":8,"tagName":"p"},{"type":"text","content":"The Ngaere-1 well was successfully perforated into a previously untested "bypass pay zone" less than two weeks ago under the recently executed funding and gainshare agreement between the Partnership (see the Company’s news release dated January 13, 2026 and NZEC’s news release dated February 4, 2026).","length":312,"tagName":"p"},{"type":"text","content":"Following perforation, the well immediately flowed oil and gas, producing 580 barrels of crude oil within the first six hours of operation. Production was temporarily shut-in to allow additional tanker capacity to arrive on site to transport the crude for delivery to port and subsequent refining.","length":297,"tagName":"p"},{"type":"text","content":"Since recommencing operations, the Ngaere-1 workover well has produced approximately 3,000 barrels of crude oil to date, currently stabilizing at approximately 120 barrels of oil per day, without the benefit of additional stimulation and optimization activities which are planned for a future date.","length":298,"tagName":"p"},{"type":"text","content":"For context, Brent crude oil prices are currently a...