Monumental Energy Corp. Provides Update ON Its Investment into New Zealand Energy Corp.
MONUMENTAL ENERGY CORP. PROVIDES
UPDATE ON ITS INVESTMENT INTO NEW
ZEALAND ENERGY CORP.
VANCOUVER, BC
,
Feb. 16, 2024
/CNW/ - Monumental Energy Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRG) (FSE: BE5) (OTCQB: MNMRF) is pleased to provide an operational
update from New Zealand Energy Corp. ("
NZEC
") highlighting developments pertinent to
Monumental's investment made into NZEC on
December 12, 2023
. Monumental currently owns and
controls 1,000,000 common shares, constituting a 12.92% equity ownership stake in NZEC,
acquired at a cost base of
$0.38 cents
per share.
As reported by NZEC on
February 15, 2024
1
:
Tariki-5 New Development Well
Targets development of ~13.8 PJ (6.9 PJ NZEC share) of 2P gas reserves in an undrained up-
dip compartment of the Tariki field.
The drilling & development team is now in place and in a position to allow NZEC to complete all
the required well work.
Well planning is underway, with the contracting of a rig and services, as well as the acquisition
of long lead equipment.
The Tariki-A site has resource consent for the drilling operations with other outstanding
regulatory consents anticipated to be in place to allow drilling to commence late in the first half
of 2024 or early in the second half of 2024.
Copper Moki 1 & 2 Production Reinstatement
NZEC plans on reinstating production from both Copper Moki 1 & 2; an intervention program will
be required to remediate these wells.
The planning phase of this remediation work has commenced, and the work is expected to be
executed in Q2 2024. Production is expected to be reinstated at rates in excess of 50 bopd plus
associated gas by mid Q2 2024.
Waihapa-H1
NZEC also plans to re-enter and clean out the wellbore on Waihapa-H1, a well that was drilled
in 2006 and produced significant volumes of oil for a short period of time before experiencing a
collapse of a limited section of the wellbore.
Plans include re-entry of the well and a clean-out of a short section of the wellbore to
reestablish production. The well produced at rates of over 700 bbl oil (100%) per day prior to
the collapse and rates post remediation are expected to be significant.
This activity is currently in the planning phase, and execution is expected in Q2 2024, with
production potentially back online in late Q2 2024.
As announced on
October 31, 2022
, NZEC received an independent reserves evaluation from RPS
Energy Canada Ltd. in respect of the Tariki field located in petroleum mining licence (PML 38138)
held as to 50% by NZEC wholly owned subsidiary, NZEC Tariki Limited. For further information
regarding the Tariki field and the reserve report, please refer to NZEC's news release dated
October 31, 2022
. To assist in the financing of the Tariki-5 well, NZEC is advancing discussions with
gas purchasers interested in acquiring Tariki gas in the ground and, after production, converting the
Tariki field into a gas-storage project. Current plans by NZEC are expected to have the well
spudding in
July 2024
.
_______________________________
1
News release dated February 15, 2024, is available on
www.sedarplus.ca
under New Zealand Energy Corp.'s profile and on
www.newzealandenergy.com
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 sector. The Company has an option to
acquire a 75% interest and title to the Laguna cesium-lithium brine project located in
Chile
and a
50.01% interest in the Salar De Turi lithium project in
Chile
. The Company has an option to acquire a
100% interest in the Jemi HREE project located in
Coahuila, Mexico
near the
Texas, USA
border.
The Company owns securities of New Zealand Energy Corp.
On behalf of the Board of Directors,
/s/ "Michelle Dececco"
Michelle Dececco
,
Interim Chief Executive Officer and Director
Contact Information:
Email:
Or
Email:
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.
All information in this news release concerning New Zealand Energy Corp. (NZ Energy) has been
reviewed and approved by NZ Energy. Although the Company has no knowledge that would indicate
that any information contained herein concerning NZ Energy is untrue or incomplete, the Company
assumes no responsibility for the accuracy or completeness of any such information.
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, the expected plans to be conducted by New Zealand Energy Corp., other
statements relating to the technical, financial and business prospects of the Company, its projects
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 all
necessary government permits, approvals and authorizations, failure to obtain surface access
agreements or understandings from local communities, land owners or Indigenous groups, fluctuation
in exchange rates, the impact of Covid-19 or other viruses and diseases on the Company's ability to
operate, capital market conditions, restriction on labour and international travel and supply chains,
decrease in the price of rare earth elements, 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.
SOURCE
Monumental Energy Corp.
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%SEDAR: 00050941E
CO: Monumental Energy Corp.
CNW 08:00e 16-FEB-24