Monumental Energy Corp. (Monumental) has announced that it intends to acquire an ownership stake in the onshore Maata oil field with a consortium of companies including Jetex Energy Ltd (the operator) New Zealand Energy Corp. (NZEC) and 3TCF Ltd, in the onshore Taranaki Basin, New Zealand.
About the Maata Oil Field (PEP60742)
Petroleum Exploration Permit PEP 60742 is mapped as the largest Mount Messenger sandstone target yet identified in a proven productive oil play in the onshore portion of the Taranaki Basin; which has seen several tens of millions of barrels discovered and a number of oil fields profitably developed, including the Ngatoro, Kaimiro, Cheal and Copper Moki fields.
The nearby Copper Moki wells have already produced over a million barrels of oil, the Arakamu-2 well has an untested live oil column, and three re-perforations of existing wells in this interval in the Waihapa/Ngaere area immediately north of Maata (in all three of which Monumental participated) were oil flow successes, with initial production tests at rates of several hundred barrels per day of high value light, sweet oil. Maata-1 offers the potential to establish a new field with reserve potential in excess of 10 million bbl from the Mount Messenger formation alone plus a considerable amount of associated gas. Other formations will be tested following and could potentially add millions of additional barrels. The adjacent Cheal field next door has produced over 15 million bbl. The specific Maata Prospecthas not produced oil or gas and is subject to further technical work including drilling. Oil and gas hosted on nearby properties is not necessarily indicative of the oil and gas that may be hosted on the Maata Prospect.
A Maata-1 drill site has now been secured, drilling inventory including casing and wellhead are being secured and regulatory drilling consents are in hand. It is anticipated that drilling will commence during the first quarter 2027, subject to the parties entering into a joint-venture and operating agreement and obtaining the applicable government approvals. In the event of discovering both oil and gas, successful production can then be readily linked into the nearby Waihapa Production Station and from there to market via existing oil and gas pipelines.
Maximilian Sali, CEO, commented: “The plan to participate in the Maata oil field represents a significant step in building Monumental’ s assets in an incredibly profitable oil market that appears to have longevity with Brent crude forecast to remain above US$100 well into 2027. The location and proximity to facilities for oil separation is within a few kilometres. We will provide further update when the Maata oil field transaction is completed in the very near future.”
Prior to owning and operating the Maata oil field license, these four (4) parties will need to finalise a joint-venture and operating agreement, determine ownership percentages and capital requirements, obtain any required TSX Venture Exchange approvals, and obtain any additional New Zealand government regulatory approvals. Currently, the parties are waiting for the New Zealand Petroleum and Minerals governing body to review and approve the updated operating permit for the Maata oil field license from Jetex Energy Limited.
Proprietary Chemicals update
Monumental Energy’s lead technical director, Bill Treuren, and an associate have recently completed a final due diligence trip to the chemical facility in San Antonio, Texas, where demonstrations were completed along with a tour of the facility and the equipment needed to produce this product. Following the approval of an initial budget which is US$30 000 USD + freight, the equipment will be shipped to New Zealand and arrive on site within the month and provisional approval for import has already been received. The final product will be blended in the Taranaki region and in close proximity to all of the current producing, additional work over and fresh wells. This product can be used across the entire basin to potentially solve the wax issue on a commercial scale and will be monetized by Monumental and known as an 'Organic Crude Oil Stabilizer'. This product will allow for better flow rates, smoother oil flow and maintain its light characteristics even at lower temperatures.
Beaconsfield prospect
NZEC and Monumental are also a participating in an application to extend the Ngaere Mining License (PML 38141) westwards to incorporate the Beaconsfield Prospect. This application is expected to be filed imminently. This field is tied to productive zones in existing Ngaere wells, and ongoing work in the Wahapa/Ngaere Field Redevelopment Program is expected to lead to additional wells with similar characteristics in the same formations in extremely close proximity.
