Monumental Energy has 568 bpd flow rate from Waihapa H1

Executive Summary

• Monumental Energy Corp. reported initial flush production of 3,000 barrels and a stable unstimulated flow rate of 568 barrels per day (BPD) from the reworked Waihapa H1 well in New Zealand's Taranaki basin.
• The well was brought back online using a low-cost perforation program across seven intervals totaling six meters, located within 100 meters of existing infrastructure.
• The results validate the company's partnership with New Zealand Energy Corp. (NZEC) and its strategy of capital-efficient production growth through workover projects.

Key Details

• Well Performance:
  • Initial flush production: 3,000 barrels.
  • Stable unstimulated flow rate: 568 barrels per day.
  • Crude oil quality: 38-degree API.
  • Production trend: Daily flow rate continues to rise; total production to be updated at month-end.
• Well Construction & Location:
  • Well Name: Waihapa H1.
  • Location: Onshore Taranaki basin, New Zealand.
  • Method: Reworking of existing well using a low-cost perforation program.
  • Perforation details: Seven intervals, totaling six meters.
  • Infrastructure: Located within 100 meters of existing production infrastructure.
• Partnership & Licensing:
  • Partner: New Zealand Energy Corp. (NZEC).
  • Agreement: Funding agreement enabling Monumental to participate in appraisal and development workover projects.
  • Licenses: Petroleum mining licenses PML 38140 and PML 38141.
  • Interest Structure: NZEC holds 50% interest; L&M Energy Ltd. holds the remaining 50% interest.
• Strategic Context:
  • This is the latest successful project under the Monumental-NZEC partnership.
  • Results reinforce the strategy of targeting low-risk, high-impact opportunities for cash flow with minimal capital investment.
  • Previous success noted with the Ngaere 1 well, indicating repeatability in the approach.

Notable Quotes

• "This workover has significantly exceeded expectations and reinforces our focus on capital-efficient production growth. I would like to thank our operator, New Zealand Energy Corp., and our lead technical director, Bill Treuren, for their expertise in successfully executing these workovers, along with our partner L&M Energy Ltd., which holds the remaining 50-per-cent interest in the licences. With strong results from both Waihapa H1 and the previously announced Ngaere 1 well, we are seeing clear repeatability in our approach and are excited to advance a growing pipeline of permitted wells." — Maximilian Sali, Chief Executive Officer