Taranaki agreement: Monumental Energy will repair and workover two NZ wells

Monumental Energy entered into a call option and royalty agreement with Taranaki Ventures, a wholly owned subsidiary of New Zealand Energy, dated October 25, 2024.

In accordance with a detailed budget and work plan, Monumental will make monthly cash payments to complete the repair and workover of two wells in New Zealand, Copper Moki 1 & 2 (CM 1 & 2), located on a permitted block PMP 55491, which should take three weeks.

If the workover is successful and production commences, the oil from CM 1 & 2 will be trucked 3 km to the Waihapa production facility, which is 50% owned by NZEC, to be processed and sold directly to the New Zealand market. Associated gas will be used as site fuel gas and any excess will be transported to Waihapa for processing and sales via pipeline.

Monumental and New Zealand Energy expect the workovers will begin Q1 2025, subject to the satisfaction of the conditions precedent under the Agreement.