Monumental Energy Corp (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) has reported successful perforation and strong early production results from the Ngaere-1 well in onshore Taranaki, New Zealand. The project is being carried out in partnership with New Zealand Energy Corp (NZEC) and L&M Energy Ltd (LME) under a joint operating framework covering Petroleum Mining Licences PML 38140 and PML 38141.
The partnership allows Monumental to participate in selected appraisal and development workover projects aimed at increasing oil and gas output from the licence area. Ngaere-1 was selected as the first well for redevelopment under this arrangement.
Perforation of the well targeted a previously untested bypass pay zone and was completed less than two weeks ago. Following the operation, the well immediately flowed both oil and gas, producing 580 barrels of crude oil within the first six hours. Production was briefly paused to allow additional tanker capacity to reach the site before crude shipments were transported for refining.
Since restarting operations, the Ngaere-1 workover well has produced approximately 3,000 barrels of crude oil and is currently stabilising at roughly 120 barrels per day. Further stimulation and optimisation work is expected to be undertaken at a later stage to improve recovery and production rates.
Despite being originally drilled more than three decades ago, the upper producing zone had not previously been evaluated, leaving limited historical log data for the interval. Early production has already recovered the cost of the workover within weeks of operation, highlighting the potential of overlooked zones within the field.
Brent crude prices currently remain above US$85 per barrel, while New Zealand crude typically trades at only a modest discount. Operating costs in the region are largely denominated in New Zealand dollars, providing favourable economics under current market conditions.
The next stage of operations will focus on continued production monitoring and reservoir analysis while preparations are made for a recompletion programme aimed at increasing reservoir drawdown and enhancing ultimate recovery. Encouraged by the results from Ngaere-1, the partnership plans to conduct similar perforation work at the Waihapa H1 and Ngaere-2 wells.
These operations will target the Mount Messenger Formation, the same geological interval currently producing at Ngaere-1. Management believes the early success demonstrates the potential for cost-effective production gains from previously bypassed hydrocarbon zones across the wider permit area.
Monumental Energy Corp is an exploration company dedicated to acquiring, exploring, and developing assets in the critical minerals and clean energy sectors. The company is establishing a strategic presence in New Zealand’s onshore Taranaki Basin, with the goal of achieving near-term oil production while advancing longer-term natural gas development.
It has partnered with New Zealand Energy Corp to pursue production optimization and well workover opportunities across existing fields. In addition, Monumental holds securities in NZEC, along with a call option and royalty interest associated with the Copper Moki wells. The company also maintains exposure to the critical minerals industry through a 2% net smelter return royalty on Summit Nanotech’s stake in the Salar de Turi lithium project located in Chile.
