Monumental Energy to Partner on the Maata Oil Field Located Onshore in the Taranaki Region Near Two Production Facilities
Maata remains undrilled, while ownership percentages, capital requirements and approvals are still unresolved.
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About the Maata Oil Field (PEP60742)
The Maata Prospect in Petroleum Exploration Permit PEP 60742 is mapped as the largest Mount Messenger sandstone target yet identified in a proven productive oil play in the onshore portion of the
The nearby Copper Moki wells have already produced over a million barrels of oil, the Arakamu-2 well has an untested live oil column, and three re-perforations of existing wells in this interval in the Waihapa/Ngaere area immediately north of Maata (in all three of which Monumental participated) were oil flow successes, with initial production tests at rates of several hundred barrels per day of high value light, sweet oil. Maata-1 offers the potential to establish a new field with reserve potential in excess of 10 million barrels of oil from the Mount Messenger formation alone plus a considerable amount of associated gas. Other formations will be tested following and could potentially add millions of additional barrels. The adjacent Cheal field next door has produced over 15 million barrels. The specific Maata Prospect has not produced oil or gas and is subject to further technical work including drilling. Oil and gas hosted on nearby properties is not necessarily indicative of the oil and gas that may be hosted on the Maata Prospect.
A Maata-1 drill site has now been secured, drilling inventory including casing and wellhead are being secured and regulatory drilling consents are in hand. It is anticipated that drilling will commence during the first quarter 2027, subject to the parties entering into a joint-venture and operating agreement and obtaining the applicable government approvals. In the event of discovering both oil and gas, successful production can then be readily linked into the nearby Waihapa Production Station and from there to market via existing oil and gas pipelines.
Maximilian Sali, CEO comments: “The plan to participate in the Maata oil field represents a significant step in building Monumental’ s assets in an incredibly profitable oil market that appears to have longevity with Brent crude forecast to remain above
Prior to owning and operating the Maata oil field license, these four (4) parties will need to finalize a joint-venture and operating agreement, determine ownership percentages and capital requirements, obtain any required TSX Venture Exchange approvals, and obtain any additional
Maata note: The Maata Prospect has not been drilled. Oil and gas hosted on nearby properties is not necessarily indicative of the oil and gas that may be hosted on the Maata Prospect. Further technical work is required to determine the full extent of this area.
Proprietary Chemicals Update
Monumental Energy’s lead technical director, Bill Treuren, and an associate have recently completed a final due diligence trip to the chemical facility in
Beaconsfield Prospect
NZEC and Monumental are also a participating in an application to extend the Ngaere Mining License (PML 38141) westwards to incorporate the Beaconsfield Prospect. This application is expected to be filed imminently. This field is tied to productive zones in existing Ngaere wells, and ongoing work in the Wahapa/Ngaere Field Redevelopment Program is expected to lead to additional wells with similar characteristics in the same formations in extremely close proximity.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of oil and gas properties in New Zealand’s onshore and offshore Taranaki Basin, with current oil production, potential additional near-term oil and longer term natural gas production and natural gas development investment.
The Company has a funding agreement with New Zealand Energy Corp. (“NZEC”) targeting production optimization and workover opportunities across existing fields. The Company also holds securities of NZEC and a call option and royalty interest on multiple producing and near term producing onshore wells with NZEC.
On behalf of the Board of Directors,
/s/ “Max Sali”
Max Sali, CEO, Director and Founder
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.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, entering into an agreement regarding the Maata prospect, obtaining government approvals for the Maata prospect and the Beaconsfield prospect, the expected results and outcomes from the chemical formula, carrying out future work on the Company’s oil and gas projects, potential additional 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261014709148/en/
Max Sali, Chief Executive Officer, Director and Founder
Email: max@monumental.energy
Phone: 1-604-367-8117
Bill Treuren, Lead Technical Director
Email: billtreuren.exothermic@gmail.com
WhatsApp: +64 21 666 776
Source: Monumental Energy Corp.