Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to provide an update on its investment into New Zealand Energy Corp. (TSXV.NZ) (“NZEC”) and the Copper Moki workover wells.
As reported by NZEC on December 30, 2024[1]
NZEC reported that Tariki-5A has been perforated over the top 8m of the 20m of gas bearing sand intersected and was opened to flow on the 28th of December, 2024. Limited by wellsite equipment and whilst unloading completion fluids, the well initially flowed at estimated rates increasing from 2 to 5.5 mmscf/d. After ~ 4 hours of cleanup flow the well flow was directed into the ~35km pipeline to Waihapa Production Station. A full maximum flow test couldn’t be conducted with the wellsite limitations.
Tariki gas arrived at Waihapa mid-morning on December 29, 2024 and after further commissioning work to test the production equipment, separator gas was sent through to Cheal production station for dehydration and hydrocarbon dew point control prior to commencing gas sales.
The Tariki-5A startup and commissioning program has been designed to minimize flaring and hence the full well testing program has only just commenced. While a maximum flow rate test has not yet been carried out, the wellhead pressures, temperatures, flow rates and back pressures provide sufficient information for preliminary estimates. On this basis Tariki-5A is estimated to be able to deliver up to 12 mmscf/d of gas and associated condensate to market. Note that this estimate should be treated with caution until further testing has taken place to confirm the well’s behavior and the associated condensate yield.
With respect to the well results, the CEO of NZEC, Mr. Adams commented: “The Tariki-5A gas well has successfully been drilled, completed, and placed on production. Early indications are that the well is performing towards the upper end of our predrill expectations and testing is underway to fully characterize the well’s productivity and reserves. The commencement of gas sales from Tariki-5A marks the successful completion of NZEC’s 2024 highest priority project and the first stage in the redevelopment of the Tariki field into New Zealand’s second gas storage field. NZEC will now focus on both the evaluation of Tariki gas reserves ahead of its conversion to gas storage, and the redevelopment of its other producing and non-producing assets through 2025.”
For further information, see the full news release disseminated by NZEC on December 30, 2024.
Update on the Copper Moki Workover Wells
- Now that NZPAM (New Zealand Petroleum and Minerals, the regulator) has approved the agreement between Monumental and NZEC, the workovers at CM1 and CM2 can begin (see the Company’s news release dated December 23, 2024 for further information).
- There are 4 keys steps to complete the project. Regulatory approval was the first, this is now completed.
- Next is project design and acceptance by the well examiner, which is underway
- Procurement of the needed pumps, rods and tubulars etc. most of this has been completed and any items still required will be mobilized from Australia.
- Service providers, contracts and scheduling to define timing can then be finalized.
- Once these processes are complete the well workovers can begin. Both wells will be worked on concurrently and the expected production will commence after the work is completed; any production from CM1 and CM2 will flow into the permanent production station already at site.
- Monumental has advanced NZD$100,000 to NZEC for Copper Moki 1 and 2, with more advances anticipated as the project progresses to production. The current NZD/CAD exchange rate is favorable to Monumental, potentially enhancing the value of its investment.
Maximilian Sali, VP Corporate Development and Director comments: “The completion of the Tariki 5A gas well and the presale of gas and gas that will be produced is a significant achievement for NZEC and benefits Monumental as a shareholder. We are also thrilled to see the New Zealand government approve the Copper Moki workovers so quickly and we look forward to further progress in 2025.”
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sector. The Company owns securities of New Zealand Energy Corp. and entered into a call option and royalty agreement on the Copper Moki wells with New Zealand Energy Corp. The Company also has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile. The Company holds a 2% net smelter return royalty on Summit Nanotech’s share of any future lithium production from the Salar de Turi Project.
On behalf of the Board of Directors,
/s/ “Michelle DeCecco”
Michelle DeCecco, CEO
Contact Information:
Michelle DeCecco, Chief Executive Officer and Director
Email: [email protected]
Or
Maximilian Sali, VP Corporate Development and Director
Email: [email protected]
Phone: 1-604-367-8117
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, the expected work to be completed at CM1 and CM2 and the anticipated outcomes, availability of equipment and personnel, anticipated workovers of CM 1 & 2, completion of the workover and commencement of production of CM 1 & 2, potential oil and gas transactions, the benefits and outcomes from Tariki-5A, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals and the price of oil and gas, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),risks relating to inaccurate geological assumptions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of lithium, cesium and other metals, decrease in the price of oil and gas, loss of key employees, consultants, or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
[1] New Zealand Energy Corp. Announces the Start of Production at Tariki-5A