New Zealand Energy Corp. Announces Successful Production from Waihapa H1 Well

Executive Summary

• The Waihapa H1 well in on‑shore Taranaki, New Zealand resumed production after a workover, delivering an initial stabilized oil flow of ~553 bbl/day over a 24‑hour period.
• Associated natural gas is also being processed and sold locally, with current NZ gas prices ranging from US$10–15 per MCF.
• NZEC holds a 50% interest in the well’s licences (PML 38140 & 38141) and will continue evaluating further workover and production‑optimization opportunities across its Taranaki Basin assets.

Key Details

• Well & Licence: Waihapa H1 located in PML 38140/38141; NZEC owns 50% interest, co‑venturer L&M Energy Ltd., agreement with Monumental Energy Corp. (TSXV: MNRG).
• Workover Objective: Targeted bypass pay within the Mount Messenger formation (same zone perforated at Ngaere‑1), using seven 6‑m perforated intervals that encountered natural high‑pressure oil flow.
• Production Rates: Initial stabilized oil flow ≈ 553 barrels per day (24‑hour average) after six days of production and well clean‑up; gas also flowing to nearby Waihapa processing facility (~100 m from the well).
• Infrastructure: Oil transported to Waihapa production facility for processing and sale; associated gas tied directly into the same facility for immediate market sales.
• Reservoir Context: Mount Messenger formation is a proven producing zone; adjacent Cheal oil field has produced ~12 million barrels of oil.
• Commodity Prices: New Zealand natural gas priced at approximately US$10–15 per MCF, among the highest globally.
• Management Comment: CEO Toby Pierce highlighted the value of optimizing existing infrastructure and bypass pay zones, and indicated ongoing evaluation of additional workover and production‑optimization projects in the basin.

Notable Quotes

“This successful workover at Waihapa H1 demonstrates the value of optimizing existing infrastructure and previously identified bypass pay zones within our licences. We look forward to completing production testing and evaluating additional opportunities to enhance production across the Waihapa and surrounding fields.” – Toby Pierce, CEO