Monumental sees Ngaere-1 produce 580 bbl oil in 6 hours

Executive Summary

• Monumental Energy Corp. reports successful initial production from the Ngaere-1 well in New Zealand's Taranaki basin, achieving strong oil flow rates immediately following perforation of a previously untested bypass pay zone.
• The well produced 580 barrels of crude oil in the first six hours and has stabilized at approximately 120 barrels per day, with total production reaching ~3,000 barrels to date.
• The company plans to advance similar low-cost perforation operations at the Waihapa H1 and Ngaere-2 wells to unlock additional bypassed hydrocarbon zones in the Mount Messenger formation.

Key Details

• Ngaere-1 Well Performance:
  • Perforated into a previously untested bypass pay zone less than two weeks prior to the release.
  • Immediate flow of oil and gas upon perforation.
  • First six hours: Produced 580 barrels of crude oil.
  • Current status: Stabilizing at approximately 120 barrels of oil per day (BOPD).
  • Total production to date: Approximately 3,000 barrels of crude oil.
  • Cost recovery: Initial production revenues have already recovered workover costs within the first weeks of operation.
  • No stimulation or optimization activities have been performed yet; these are planned for the future.
• Partnership Structure:
  • Monumental is partnering with New Zealand Energy Corp. (NZEC) and L&M Energy Ltd.
  • NZEC holds a 50% interest in petroleum mining licences PML 38140 and PML 38141 in onshore Taranaki, New Zealand.
  • Ngaere-1 is the first project under the mutually agreed appraisal and development workover partnership.
• Upcoming Operations:
  • Partnership has agreed to immediately advance perforation operations at Waihapa H1 and Ngaere-2 wells.
  • Target: Same Mount Messenger formation that showed encouraging results at Ngaere-1.
  • Goal: Unlock previously bypassed hydrocarbon zones in existing wells; low-cost, high-impact opportunity.
• Permit Extensions and Exploration:
  • Monumental co-financed an application to extend the Ngaere permit area by approximately 4,050 acres.
  • Extension area lies between the Cheal oil field and current Ngaere wells.
  • Seismic data indicates potential for additional hydrocarbon accumulations at shallower depths.
  • Application is under review by the New Zealand regulator.
  • Two additional onshore permit applications are currently under submission with the regulator, focusing on natural gas development.
• Market Context:
  • Brent crude oil prices are above $85 (U.S.) per barrel.
  • NZ crude typically achieves a modest discount to Brent.
  • Operating costs are in NZD (approx. $1 USD = $1.68 NZD).
• Government Funding:
  • New Zealand government opened the Energy Development Fund on Jan. 12, 2026, to support natural gas exploration and development.
  • Monumental is evaluating portfolio opportunities that may qualify for this funding.

Notable Quotes

• "The partnership considers the initial results highly encouraging given the historical log uncertainty and believes they demonstrate the potential for similar opportunities across the field."
• "The company's management believes these additional perforations represent a low-cost, high-impact opportunity to unlock previously bypassed hydrocarbon zones within existing wells."
• "The company believes that onshore Taranaki represents the most promising region in New Zealand capable of addressing the country's growing natural gas supply shortage."