Monumental Energy Corp. (锟組onumental锟� or the 锟紺ompany锟�) is pleased to announce a better-than-anticipated, stable, unstimulated flow rate of 568 barrels per day of 38锟� API crude oil from the reworking of the Waihapa H1 well in New Zealand锟絪 prolific onshore Taranaki Basin. The well was successfully brought back online using a low-cost perforation program across seven intervals, totaling six-metres and is located within 100-metres of existing production infrastructure (see the Company锟絪 news release dated March 16, 2026). To note: the daily flow rate continues to rise on a daily basis and we will update the market with total production at the end of the month.
Monumental and New Zealand Energy Corp. (锟絅ZEC锟�) entered into a funding agreement (see news releases dated January 12, 2026, March 5, 2026, and March 10, 2026), enabling Monumental to participate in mutually agreed appraisal and development workover projects aimed at increasing production across Petroleum Mining Licences PML 38140 and PML 38141 (the 锟絃icences锟�). The Waihapa H1 well is the latest successful project executed under this partnership. NZEC holds a 50% interest in the Licences, which are located in the onshore Taranaki Basin, New Zealand.
Maximilian Sali, Chief Executive Officer, comments: 锟絋his 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% 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.锟�
The results from the New Zealand workover programs highlight the potential for imminent production revenue, which further validates Monumental锟絪 strategy of targeting low-risk, high-impact opportunities capable of delivering cash flow with minimal capital investment.