Monumental Energy Corp has announced plans to acquire an ownership interest in the onshore Maata oil field in the Taranaki Basin, New Zealand, through a consortium involving Jetex Energy Limited, the proposed operator, New Zealand Energy Corp. (NZEC) and 3TCF Limited. The proposed investment remains subject to a joint-venture and operating agreement, agreement on ownership interests and capital requirements, applicable TSX Venture Exchange approvals and any required New Zealand government approvals. The parties are also awaiting regulatory review of an updated operating permit for the Maata oil field licence held by Jetex Energy.
The Maata prospect falls within Petroleum Exploration Permit PEP 60742 and is mapped as a Mount Messenger sandstone target in the onshore Taranaki Basin, a region with established oil production. Nearby fields include Ngatoro, Kaimiro, Cheal and Copper Moki. Monumental said the Maata-1 well could potentially establish a new field, with estimated reserve potential exceeding 10 million barrels of oil from the Mount Messenger formation alone, alongside associated gas. These estimates remain prospective, and the prospect has not yet been drilled.
The company noted that nearby Copper Moki wells have produced more than one million barrels of oil, while the adjacent Cheal field has produced over 15 million barrels. Previous oil-flow results from wells in the wider Waihapa/Ngaere area have also supported interest in the region. However, production from neighbouring properties does not establish the presence or volume of oil and gas at Maata.
A drilling site for Maata-1 has been secured, and preparations to obtain casing and wellhead equipment are under way. Drilling is anticipated to begin in the first quarter of 2027, subject to the necessary agreements and approvals. If commercially viable oil and gas are discovered, production could potentially be connected to the nearby Waihapa Production Station and existing pipeline infrastructure.
Maximilian Sali, Chief Executive Officer of Monumental Energy, said participation in Maata would support the company’s plans to expand its assets in the Taranaki Basin. He added that the prospect’s proximity to existing processing facilities could support future development if exploration is successful.
Separately, Monumental reported progress on an organic crude oil stabiliser project. Technical director Bill Treuren and an associate completed a due diligence visit to a chemical facility in San Antonio, Texas. Following approval of an initial budget of US$30,000 plus freight, equipment is expected to be shipped to New Zealand for blending in the Taranaki region. The product is intended to address wax-related flow issues in crude oil, subject to technical performance and commercial implementation. Monumental and NZEC are also participating in an application to extend the Ngaere Mining Licence, PML 38141, westwards to include the Beaconsfield prospect. The application is expected to be filed shortly.
Monumental Energy focuses on acquiring, exploring and developing oil and gas properties in New Zealand’s onshore and offshore Taranaki Basin. Its activities include production optimisation, workover opportunities and potential development of additional oil and natural gas resources.
