Monumental Energy Announces Perforations Have Commenced at the Waihapa H1 Well
Monumental Energy Announces Perforations Have Commenced at the
Waihapa H1 Well
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 10, 2026--Monumental Energy
Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is
pleased to announce the mobilization of the operations crew from the Ngaere-1 well to the
Waihapa H1 well, located only a few kilometres away, in partnership with New Zealand Energy
Corp. (“NZEC”) and L&M Energy Ltd. (“LME”) (collectively, the “Partnership”) (see the
Company’s news releases dated January 13, 2026 and March 5, 2026).
NZEC holds a 50% interest in Petroleum Mining Licences PML 38140 and PML 38141
(together, the “Licences”) located in the onshore Taranaki Basin, New Zealand, pursuant to a
joint operating agreement between NZEC and LME.
The Partnership enables Monumental to participate in mutually agreed-upon appraisal and
development workover projects with NZEC aimed at increasing oil and gas production from the
area covered by the Licences. The parties have selected the Waihapa H1 well as the next project
under the Partnership.
ABOUT WAIHAPA H1
Waihapa H1 was drilled in 2008 and produced significant oil rates from the lower Tikorangi
formation at significant rates above 1500 barrels a day and is still a small producing well since
no additional work has been done to restimulate. The NZEC and Monumental exploration team
have identified 60 meters of prospective “bypass pay” in the Mount Messenger formation, which
is the same zone that was perforated at Ngaere-1 (March 5, 2026 news release).
Seven 6-meter perforations will occur over the course of this week and flow testing will begin
immediately. Numbers will be released to the market after an appropriate flow test has been
completed.
The Mount Messenger formation is the primary zone in the highly successful adjacent Cheal oil
field which has produced roughly 12 million barrels of oil from a relatively small area size. Due
to the success at Ngaere 1, it has been decided to perforate the H1 well over an extended zone
and Monumental is optimistic that oil and gas will be successfully flowed.
The Waihapa H1 well is located within sight of the Waihapa production facility, allowing
associated gas to be connected directly to the facility for immediate processing and production.
Current natural gas prices in New Zealand range from approximately US$10 to US$15 per MCF,
making it one of the highest gas price environments globally.
IMMEDIATE PROGRAM AND TIMING
Following the strong initial results from the cost-effective perforation of the Mount Messenger
Formation at the Ngaere-1 well, the Partnership has moved quickly to advance similar operations
at additional wells within the permit area.
Operational crews have now been mobilized from Ngaere-1 to the Waihapa H1 well, where
perforation operations are currently underway. These perforations are targeting the Mount
Messenger Formation, the same interval that has demonstrated encouraging early production
results at Ngaere-1.
Upon completion of the Waihapa H1 program, the Partnership intends to proceed with similar
perforation operations at the Ngaere-2 well next week given no delays.
Management believes these follow-up perforation programs represent an efficient method of
accessing previously bypassed hydrocarbon zones within existing wells. Success at Waihapa H1
and Ngaere-2 could further demonstrate the broader productivity of the Mount Messenger
Formation across the permit area and support additional near-term production growth for the
partnership.
The Company will provide further updates as operations progress and production data becomes
available.
MANAGEMENT CHANGE
The Company also announces that Michelle DeCecco has resigned as chief executive officer
(“CEO”) of the Company, effective March 9, 2026. Max Sali, who currently serves on the board
of directors and as VP Corporate Development, founder and significant shareholder of the
Company, has been appointed as CEO. Ms. DeCecco will remain on the board of directors. The
company thanks Ms. Dececco for her role as CEO and looks forward to working closely with her
as a member of the board.
ABOUT MONUMENTAL ENERGY CORP.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration,
and development of properties in the critical and clean energy sectors. The Company is building
a strategic position in New Zealand’s onshore Taranaki Basin, targeting near-term oil production
and longer-term natural gas development.
The Company has partnered with New Zealand Energy Corp. on production optimization and
workover opportunities across existing fields. The Company also holds securities of NZEC and a
call option and royalty interest related to the Copper Moki wells.
Monumental additionally maintains exposure to the critical minerals sector through a 2% net
smelter return royalty on Summit Nanotech’s interest in the Salar de Turi lithium project in
Chile.
On behalf of the Board of Directors,
/s/ “Max Sali”
Max Sali, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of
applicable securities laws, which may include, without limitation, the potential plans for the
Company’s projects, potential future oil and gas targets and projects, the expected outcomes
from various oil and gas workover wells, evaluating and pursuing other potential workovers and
oil and gas projects, other statements relating to the technical, financial and business prospects of
the Company, its projects, its goals and other matters. All statements in this news release, other
than statements of historical facts, that address events or developments that the Company expects
to occur, are forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may differ materially from
those in the forward-looking statements. Such statements are based on numerous assumptions
regarding present and future business strategies and the environment in which the Company will
operate in the future, including the price of metals and the price of oil and gas, the ability to
achieve its goals, that general business and economic conditions will not change in a material
adverse manner and that financing will be available if and when needed and on reasonable terms.
Such forward-looking information reflects the Company’s views with respect to future events
and is subject to risks, uncertainties and assumptions, including the risks and uncertainties
relating to the interpretation of exploration results, risks related to the inherent uncertainty of
exploration and cost estimates and the potential for unexpected costs and expenses and those
other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such
estimates and assumptions are considered reasonable by the management of the Company, they
are inherently subject to significant business, economic, competitive and regulatory uncertainties
and risks. Factors that could cause actual results to differ materially from those in forward
looking statements include, but are not limited to, continued availability of capital and financing
and general economic, market or business conditions, failure to secure personnel and equipment
for work programs, adverse weather and climate conditions, risks relating to unanticipated
operational difficulties (including failure of equipment or processes to operate in accordance
with specifications or expectations, cost escalation, unavailability of materials and equipment,
government action or delays in the receipt of government approvals, industrial disturbances or
other job action, and unanticipated events related to health, safety and environmental matters),
risks relating to inaccurate geological assumptions, failure to maintain or obtain all necessary
government permits, approvals and authorizations, failure to obtain or maintain surface access
agreements or understandings from local communities, land owners or Indigenous groups,
fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to
operate, capital market conditions, restriction on labour and international travel and supply
chains, the ability to manage working capital, decrease in the price of lithium, cesium and other
metals, decrease in the price of oil and gas, loss of key employees, consultants, or directors,
failure to maintain or obtain community acceptance (including from the Indigenous
communities), increase in costs, litigation, and failure of counterparties to perform their
contractual obligations. The Company does not undertake to update forward‐looking statements
or forward‐looking information, except as required by law.
Contacts
Max Sali, Chief Executive Officer and Director
Email: [email protected]
Phone: 1-604-367-8117