Monumental Energy Corp. (“Monumental” or the “Company”) is pleased to provide an update on its workover wells, Copper Moki 1 & 2 with New Zealand Energy Corp. (“NZEC”) located in the Taranaki basin of New Zealand.
Monumental to date has paid a total of $345,000 (CAD) including a 70% deposit last week of $92,000 (CAD) to workover rig contractor RIVAL. The balance has covered the costs of critical parts like 2 3/8” tubing, various sizes of pump rods, pumps and accessories, as well as completion designs and project management.
All of the long-lead and critical items will be in hand by early May and the RIVAL rig is scheduled to move to the site and set up on Copper Moki-2 in the week commencing May 12, 2025. The program for both wells is scheduled to take 17 days and it is expected that the work will be completed by May 30, 2025 at which time both wells will immediately be placed back to production if the workovers are successful. Copper Moki-2 was selected as the first well in the program because it is the easier of the two wells given the pump rods have already been retrieved from the well. Copper Moki-1 still has pump rods in place and will require more time to pull the tubing and the rods contemporaneously.
Upon commencement of production at CM 1&2, Monumental will first recoup 75% of the net revenues from oil and gas sales, followed by transitioning to a 25% royalty model (see the Company’s news release dated January 27, 2025).
Furthermore, Monumental and NZEC are evaluating potential sites for new wells either on currently permitted pads or near the Waihapa production facility. The Company will continue to keep the markets informed of any developments and potential agreements if they occur.
Monumental and NZEC have agreed to review all items purchased and other matters when making these payments so both parties are in agreement with the use of funds and can manage them properly as partners.