Monumental Energy Provides Update on the Copper Moki-1 Oil and Gas Well in New Zealand
VANCOUVER, British Columbia — Monumental Energy Corp. (' Monumental ' or the ' Company ') (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce good progress on the second workover in the Copper Moki campaign, i.e., at the Copper Moki-1 (CM-1) oil and gas well, located in the Taranaki Basin, New Zealand.
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The primary objective of the CM-1 workover is to restore oil and associated gas production from the Mt. Messenger sands and to remove flow restriction from sand production identified during prior operations.
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At CM-1, the pump rod string has been recovered and the old tubing string has been recovered. Cleaning out the well casing and running the new tubing and pump is now underway followed by the additional perforations. Work is expected to be completed and the well placed into production over the weekend.
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CM-1 will have a slightly bigger pump than and that in CM-2. The design rates for each well are 150 bopd and 100 bopd respectively, although they can run faster to generate greater rates than this when required, such as with flush production soon after starting up.
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Note that flush production from both wells combined could be 300 bopd or more which was the case for CM2 alone after the last pump replacement at the time of the original drilling program at Copper Moki.
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Previously when these wells were drilled. New Zealand faced a gas surplus, and the field remained isolated from the gas network. Today, the field has been fully integrated into the gas infrastructure, presenting a meaningful revenue opportunity that was previously unavailable.
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Note that CM-1 and CM-2 were originally shut-in due to mechanical issues, rather than any reservoir-related concerns. The wells have required only standard maintenance, and downhole equipment replacement to be able to resume production. In late 2024, Monumental Energy entered into an agreement with NZEC to bring these wells back online, as NZEC shifted its focus to a gas storage business model. Under the terms of the agreement, Monumental Energy will receive a 25% royalty on all oil and gas production from the Copper Moki site, following full recovery of its initial capital contribution at a 75% royalty.
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Cumulative production data, measured in barrels of oil (BBL) and barrels of oil equivalent (BOE), will be released in the coming weeks.
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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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Michelle DeCecco,
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CEO
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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.
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Forward Looking Information
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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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Michelle DeCecco
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, Chief Executive Officer and Director
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Email:
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michelle@monumental.energy
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Or
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Maximilian Sali
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, VP Corporate Development and Director
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Email:
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max@monumental.energy
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