Monumental Energy begins perforations at Waihapa H1

Executive Summary

• Monumental Energy Corp. has commenced perforation operations at the Waihapa H1 well in the Taranaki basin, New Zealand, in partnership with New Zealand Energy Corp. and L&M Energy Ltd.
• The company has announced a significant leadership change: Michelle DeCecco has resigned as CEO effective March 9, 2026, and Max Sali has been appointed as the new CEO, remaining on the board.
• The perforation program targets 60 meters of prospective bypass pay in the Mount Messenger formation, with flow testing to begin immediately following seven six-meter perforations.

Key Details

• Operational Activity: Perforations have commenced at the Waihapa H1 well; operations were mobilized from the Ngaere-1 well.
• Target Zone: The program targets 60 meters of prospective bypass pay in the Mount Messenger formation, the same zone that showed encouraging results at Ngaere-1.
• Perforation Plan: Seven six-meter perforations are scheduled over the course of the week.
• Testing: Flow testing will begin immediately after perforations are completed; results will be released to the market after an appropriate flow test.
• Strategic Context: Waihapa H1 is located within sight of the Waihapa production facility, allowing associated gas to be connected directly for immediate processing.
• Future Operations: Following Waihapa H1, the partnership intends to proceed with similar perforation operations at the Ngaere-2 well next week, assuming no delays.
• Geological Significance: The Mount Messenger formation is the primary zone in the adjacent Cheal oil field, which has produced roughly 12 million barrels of oil.
• Market Conditions: Current natural gas prices in New Zealand range from approximately $10 to $15 (U.S.) per thousand cubic feet.
• Management Change: Michelle DeCecco resigned as CEO effective March 9, 2026.
• New CEO Appointment: Max Sali (current board member, VP Corporate Development, founder, and significant shareholder) has been appointed CEO.
• Board Status: Ms. DeCecco will remain on the board of directors.

Notable Quotes

• "The partnership enables Monumental to participate in mutually agreed-upon appraisal and development workover projects with New Zealand Energy aimed at increasing oil and gas production from the area covered by the licences."
• "Management believes these follow-up perforation programs represent an efficient method of accessing previously bypassed hydrocarbon zones within existing wells. Success at Waihapa H1 and Ngaere-2 could further demonstrate the broader productivity of the Mount Messenger formation across the permit area and support additional near-term production growth for the partnership."