Monumental restarts production at Waihapa H1 well

Executive Summary

• Monumental Energy Corp. has restarted commercial production from all seven perforations in the Mount Messenger formation at the Waihapa H1 well, located in New Zealand's onshore Taranaki basin.
• The well is situated within 100 meters of the Waihapa production facility, allowing oil to be piped to a holding tank and associated gas to be processed immediately.
• Initial flow results exceeded expectations, with high-pressured natural oil flow observed in all zones without additional stimulation; however, stabilized flow rates are pending due to current logistical capacity constraints regarding tanker trucks.

Key Details

• Well Location & Status: Waihapa H1 well, located within 100 meters of the Waihapa production facility in the onshore Taranaki basin, New Zealand.
• Production Restart: Commercial production resumed from all seven perforations in the Mount Messenger formation.
• Perforation Details: Seven six-metre perforations were completed. All encountered natural, high-pressured oil flow with no additional stimulation required beyond the perforation gun.
• Production Timeline: Oil production started as the first perforated areas came online on Friday, March 13, 2026.
• Operational Logistics:
  • Oil is sent through a pipeline into a holding tank at the facility.
  • Associated gas is connected directly to the facility for immediate processing.
  • Three tanker trucks are currently transporting oil from Waihapa H1 to the port in New Plymouth.
  • Stabilized flow rates and total production volumes are not yet available due to insufficient site capacity and tanker truck availability to handle the current volume.
• Historical Context: The well was originally drilled in 2008, producing from the lower Tikorangi formation at rates above 1,500 barrels per day. The current target is the Mount Messenger formation, which contains 60 metres of prospective bypass pay.
• Regional Context: The Mount Messenger formation is the primary zone in the adjacent Cheal oil field, which has produced approximately 12 million barrels of oil.
• Market Conditions:
  • New Zealand natural gas prices range from $10 to $15 USD per thousand cubic feet.
  • Brent crude is currently above $100 USD per barrel.
• Strategic Agreement: This project is part of a financing agreement between Monumental and New Zealand Energy Corp. (NZEC) to participate in appraisal and development workover projects. NZEC holds a 50% interest in the relevant petroleum mining licences (PML 38140 and PML 38141).

Notable Quotes

• Maximilian Sali, CEO: "The well was perforated during daylight hours over five days... Interestingly, each day the well flowed better, and all seven perforations performed better than expected. We are not currently able to announce a stable flow rate as we do not have enough capacity on site and tanker trucks to be able to handle the volume."
• Maximilian Sali, CEO: "Gas is also being processed to the tune of roughly one TJ of gas, which is sold immediately to market. I would like to note that New Zealand has high gas prices, and the current price of Brent crude is above $100 (U.S.) per barrel."