Monumental Energy Announces Commencement of Copper Moki Workovers in New Zealand
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VANCOUVER, British Columbia — Monumental Energy Corp. (' Monumental ' or the ' Company ') (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce that workover operations have commenced at the Copper Moki-1 and Copper Moki-2 wells, located in the Taranaki Basin, New Zealand.
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The workover program being carried out in conjunction with the Company's partner, New Zealand Energy Corp., involves re-entering both wells to perform downhole cleanouts, replace tubing and rods, and perforate the Mt. Messenger formation. The objective is to restore production from the Mt. Messenger sands and resolve known flow restrictions identified in previous operations.
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Additionally, the wells have never undergone a full tubing replacement or sand cleanout, providing Monumental with the opportunity to perforate an unproduced zone. Having remained idle for 18 months, the wells also present potential for a significant flush production increase, further enhanced by the planned perforation of an additional 5-metre interval in the Mt. Messenger formation.
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The well, drilled to a depth of 2,220-metres with 7' casing set at 2,214-metres, will be re-entered to retrieve approximately 600-metres of parted sucker rods and remove wax and sand buildup.
A 5-metre interval of the Mt. Messenger formation, located at approximately 1,587 metres, will be perforated to access untapped hydrocarbon zones.
New tubing, a tubing anchor, and a complete pump string will be installed to optimize production efficiency.
The well will be fully equipped with a pump and rod system, after which flow testing will be conducted in preparation for a return to production.
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Copper Moki-2 Workover Highlights:
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The 2,084-metre well will undergo similar operations to Copper Moki-1, including a full tubing replacement and comprehensive well cleanout.
A new pump and rod system will be installed to enable production from the newly perforated zone.
As with Copper Moki-1, well pressure is several hundred psi below hydrostatic, suggesting favourable conditions for drawdown and early production.
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Max Sali, Vice President of Corporate Development and Director, commented: 'These workovers represent a meaningful step toward monetizing the Taranaki Basin assets. With infrastructure in place, we are well-positioned to restore production and potentially generate early cash flow to support Monumental's broader strategic objectives. We are also pleased to have a newly upgraded rig on site, which is now fully operational and will enable the expedited execution of future projects.'
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Field operations are expected to be completed in the coming weeks, with initial production results anticipated shortly thereafter. To date, the program remains under budget; Monumental does not anticipate any further expenditures until the workover is complete and flush production begins. Total spending to date is approximately NZD $560,000 (CAD $460,000).
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About Monumental Energy Corp.
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Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sector, as well as investing in oil and gas projects. 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.
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On behalf of the Board of Directors,
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This news release contains 'forward‐looking information or statements' within the meaning of applicable securities laws, which may include, without limitation, completing the Copper Moki 1 & 2 workovers and the expected results, the expected timeline to complete the workovers of Copper Moki 1 & 2 wells, and commencement of production of CM 1 & 2, potential oil and gas transactions, 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.
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