Monumental Energy provides update on the Copper Moki-1 oil and gas well in New Zealand

The primary objective of the CM-1 workover is to restore oil and associated gas production from the Mt. Messenger sands and to remove flow restriction from sand production identified during prior operations.

At CM-1, the pump rod string has been recovered and the old tubing string has been recovered. Cleaning out the well casing and running the new tubing and pump is now underway followed by the additional perforations. Work is expected to be completed and the well placed into production over the weekend.

CM-1 will have a slightly bigger pump than and that in CM-2. The design rates for each well are 150 bpd of oil and 100 bpd of oil respectively, although they can run faster to generate greater rates than this when required, such as with flush production soon after starting up.

Note that flush production from both wells combined could be 300 bpd of oil or more which was the case for CM2 alone after the last pump replacement at the time of the original drilling program at Copper Moki.

Previously when these wells were drilled, New Zealand faced a gas surplus, and the field remained isolated from the gas network. Today, the field has been fully integrated into the gas infrastructure, presenting a meaningful revenue opportunity that was previously unavailable.

Note that CM-1 and CM-2 were originally shut-in due to mechanical issues, rather than any reservoir-related concerns. The wells have required only standard maintenance, and downhole equipment replacement to be able to resume production. In late 2024, Monumental Energy entered into an agreement with NZEC to bring these wells back online, as NZEC shifted its focus to a gas storage business model. Under the terms of the agreement, Monumental Energy will receive a 25% royalty on all oil and gas production from the Copper Moki site, following full recovery of its initial capital contribution at a 75% royalty.

Cumulative production data, measured in bbl of oil and boe, will be released in the coming weeks.

 

 

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