Monumental Energy Reports Initial Flush Production of 3000 Barrels and a Stable Unstimulated Flow Rate of 300 Barrels a Day at Ngaere-2
Monumental transforms from explorer to producer as Taranaki workovers deliver high-margin flow rates exceeding internal forecasts
The most recent news (March 30, 2026) confirms that the Ngaere-2 well has achieved a stable, unstimulated flow rate of 300 barrels of oil per day (bbl/d). This follows a string of successful workovers in the Taranaki Basin, including the Waihapa H1 well, which reported 568 bbl/d on March 19, 2026. The company now has four wells online (Copper Moki-1, Ngaere-1, Ngaere-2, and Waihapa H1) with a total production potential estimated at approximately 1,000 boe/d. Management noted that results have exceeded expectations, particularly given the high natural gas prices in New Zealand (USD $10–$15/MCF).
The impact is Material - Positive. This is a fundamental shift for Monumental Energy from a junior explorer with impaired lithium assets to a legitimate oil and gas producer. - Revenue Generation: With oil prices stable and New Zealand gas prices at a global premium, 1,000 boe/d (gross) represents significant top-line potential for a company of this market cap. - Operational De-risking: The "bypass pay" strategy—re-entering old wells to perforate missed zones—has proven highly effective and capital-efficient compared to greenfield drilling. - Validation of Strategy: The partnership with New Zealand Energy Corp (NZEC) is yielding immediate results. The company has successfully moved from "planning workovers" in late 2025 to "stable production" in Q1 2026. - Warrant Overhang: The company is concurrently extending 12.6 million warrants (priced at $0.25 and $0.30). While this prevents immediate dilution, it also indicates that the current stock price ($0.08) is well below the level where these warrants would provide a capital infusion.
Monumental Energy Corp. is focused on oil and gas production in the Taranaki Basin, New Zealand. Its flagship initiative is a joint venture with New Zealand Energy Corp (NZEC) to perform workovers on the Waihapa and Ngaere licenses (PML 38140 & 38141). The strategy involves using modern logging to identify "bypass pay" in the Mount Messenger formation within existing wellbores, significantly reducing exploration risk and cost.