Monumental Energy Corp. Provides Update ON Its Investment into New Zealand Energy Corp. TARIKI-5 Gas Well Has Commenced Drilling
MONUMENTAL ENERGY CORP. PROVIDES
UPDATE ON ITS INVESTMENT INTO NEW
ZEALAND ENERGY CORP.
TARIKI-5 GAS WELL HAS COMMENCED DRILLING
VANCOUVER, BC
,
Oct. 1, 2024
/CNW/ - Monumental Energy Corp. ("
Monumental
" or the
"
Company
") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased to announce that New
Zealand Energy Corp. ("
NZEC
")(TSXV: NZ) has commenced drilling on its highly anticipated Tariki-5
conventional gas well in the Taranaki region located on the north island of
New Zealand
.
The Tariki Joint Venture, comprised of NZEC's wholly owned subsidiary, NZEC Tariki Limited (as to
50%) and L&M Energy Limited (as to 50%), reports that operations for the Tariki-5 well commenced
at
6:30am
(New Zealand Standard Time) on
September 30, 2024
.
The well is planned to take 27 days to reach the target total depth of
2846 m
AHRT (Along Hole
below Rotary Table). The key sections of the well are expected to be drilled over the following date
ranges:
1
.
Tikorangi Limestone (fractured reservoir secondary target for information only)
October 12-14,
2024
; and
2
.
Tariki Sandstone (primary development target for full evaluation)
October 16 -21, 2024
.
The current planning indicates well drilling operations including drilling and completion is expected to
be completed by
October 26, 2024
. Well perforation, clean-up flow and tie-in of the well to
production is expected to be completed by
November 14, 2024
.
As previously announced, all other contractual arrangements necessary to allow gas to be
transported through the main
New Zealand
gas network and to allow gas to be delivered to Genesis
Energy have already been completed.
*NZEC’S TARIKI-5 GAS WELL (CNW Group/Monumental Energy Corp.)
Monumental Energy recently visited the site of the Tariki-5 gas well that NZEC has begun to drill.
NZEC has contracts to sell gas from Tariki-5 to Genesis Energy, a large
New Zealand
gas and
electricity utility.
Monumental is a significant shareholder of NZEC, owning 1,293,333 shares or 8.63% at an average
cost base of
$0.46 cents
.
Site Visits Completed
Monumental Energy completed due diligence on a number of opportunities with NZEC during a site
visit and is currently in discussions to move oil projects forward. Monumental Energy has cash on
hand to fund opportunities that upon success, could potentially provide near term revenue for
Monumental. Any potential transaction with NZEC is subject to, among other things, negotiation,
execution of definitive agreements and TSX Venture Exchange approval.
*Map of certain oil and gas concessions in the Taranaki region, New Zealand (CNW
Group/Monumental Energy Corp.)
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
. The
Company holds a 2% net smelter return royalty on Summit Nanotech's share of any future lithium
production from the Salar de Turi Project,
Chile
. The Company owns securities of New Zealand
Energy Corp.
On behalf of the Board of Directors,
/s/ "Michelle DeCecco"
Michelle DeCecco
,
CEO
Contact Information:
Michelle DeCecco
, Chief Executive Officer and Director
Email:
Or
Maximilian Sali
, VP Corporate Development and Director
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.
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 drilling and outcomes at Tariki-5 by NZEC, potential oil and gas
transactions with NZEC, 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, 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.
SOURCE
Monumental Energy Corp.
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CNW 08:00e 01-OCT-24