MONUMENTAL ENERGY CORP. 
As reported by NZEC on
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
- 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
_______________________________ |
1 News release dated |
On behalf of the Board of Directors,
/s/ "Michelle Dececco"
Contact Information:
Email: michell@monumental.energy
Or
Email: max@monumental.energy
Neither the
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.
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
© Canada Newswire, source
