Monumental Energy (TSX-V:MNRG) has identified two gas-condensate prospects after reinterpreting historical exploration data within its Tirua Point petroleum exploration permit application area in New Zealand’s Taranaki Basin.
The technical work focuses on the Mauku block, where the company is evaluating shallow and deeper reservoir targets. The permit application remains subject to approval.
At Mauku NE, Monumental estimates a recoverable resource potential of 200 petajoules (PJ) within the Eocene-aged Mangahewa Group. The prospect lies up-dip of the Mauku-1 well, drilled in 2013, which intersected 140m of net reservoir.
The company identifies an approximately 2,000m target depth and an onshore drilling location, with gas processing facilities within 30km of the target area.
The deeper Mangatoa prospect targets the mid-Cretaceous Taniwha Formation, with estimated potential exceeding 1,000PJ.
Monumental points to the offshore Te Ranga-1 well, drilled in 1986, which intersected a 100m section of that formation. Subsequent petrophysical reviews interpreted moveable hydrocarbons within the sands.
These figures describe exploration potential; they do not establish commercial gas reserves at either prospect.
Permit decision precedes next steps
Monumental submitted its application for Petroleum Exploration Permit 61554 earlier this year. The three-month counterbid period closed on 12 August.
If the permit is acquired, Monumental expects to hold a 60% interest, alongside 3TCF with 30% and New Zealand Energy (TSX-V:NZ) with 10%.
The parties must finalise joint venture and operating agreements and obtain TSX Venture Exchange and further New Zealand regulatory approvals.
The update follows Monumental’s recently completed private placement, previously reported by Mining.com.au. The company earmarked the proceeds for working capital.
Monumental Energy is a Canadian explorer focused on critical minerals and energy opportunities, with oil and gas interests in New Zealand’s Taranaki Basin.
Write to France Pinzon at Mining.com.au
Main image: Monumental Energy
