Business
New Zealand Energy Corp. Enters into Funding Agreement to Increase Production at Waihapa-Ngaere
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2026) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce that it has entered into a definitive funding agreement (the "Agreement") with Monumental Energy Corp. (TSXV: MNRG) ("Monumental"), effective January 12, 2026, with regards to the area covered by NZEC's 50% interest in PML 38140 and PML 38141 (together, the "Licenses") located in onshore Taranaki, New Zealand. The Agreement will enable Monumental
About this update from New Zealand Energy Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - January 13, 2026) - New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce that it has entered into a definitive funding agreement (the "Agreement") with Monumental Energy Corp. (TSXV: MNRG) ("Monumental"), effective January 12, 2026, with regards to the area covered by NZEC's 50% interest in PML 38140 and PML 38141 (together, the "Licenses") located in onshore Taranaki, New Zealand. The Agreement will enable Monumental to fund certain mutually agreed upon workover projects with NZEC to increase oil and gas production from the Licenses.","length":683,"tagName":"p"},{"type":"text","content":"In consideration for Monumental providing funding for NZEC's share of any project, NZEC grants to Monumental a royalty applicable to such project effective upon satisfaction of all conditions precedent and commencement of production. The initial royalty will be payable in an amount equal to 75% of net receipts, on a quarterly basis, until such time as a sum equal to the costs that have been paid by Monumental has been paid back, and thereafter the final ongoing royalty will commence and will be payable by NZEC to Monumental in an amount equal to 25% of net receipts.","length":576,"tagName":"p"},{"type":"text","content":"The Ngaere 1 project, which adds a new producing zone to the well, is expected to commence in Q1 2026, subject to the satisfaction of the conditions precedent under the Agreement that includes the final approval of the TSX Venture Exchange ("TSX-V") of the Agreement, the applicable consent of the Minister in New Zealand in accordance with the New Zealand Crown Minerals Act 1991, and the availability of the requisite equipment and personnel to carry out the necessary work.","length":486,"tagName":"p"},{"type":"text","content":"The Agreement is subject to approval by the TSX-V as this transaction involves a "Non-Arm's Length" party, as Mr. Bill Treuren is a director of both the Company and Monumental.","length":190,"tagName":"p"},{"type":"text","content":"About New Zealand Energy Corp.","length":30,"tagName":"p"},{"type":"text","content":"NZEC is a publicly listed energy company focused on the development of oil, gas, and gas-storage opportunities in New Zealand....