Monumental Energy (TSX-V:MNRG) plans to acquire an interest in the undrilled Maata oil prospect in New Zealand’s onshore Taranaki Basin, with drilling targeted for the March quarter of 2027.
The proposed consortium includes operator Jetex Energy, New Zealand Energy (TSX-V:NZ), and 3TCF. Ownership percentages and capital requirements remain to be determined, alongside joint venture and operating agreements and required approvals.
Maata is located within Petroleum Exploration Permit 60742 and targets Mount Messenger sandstone reservoirs. Monumental identifies potential exceeding 10 million barrels of oil from that formation, plus associated gas. The prospect has not been drilled, and this potential does not establish reserves.
A drill site has been secured for Maata-1, with casing and wellhead equipment being sourced. Although drilling consents are in place, the parties still await approval of an updated operating permit from New Zealand Petroleum and Minerals.
CEO Maximilian Sali says proximity to existing infrastructure supports the proposed investment.
“The location and proximity to facilities for oil separation is within a few kilometres,” Sali says.
If exploration leads to commercial production, Monumental says oil and gas could be connected to the nearby Waihapa Production Station and existing pipelines.
The proposal follows Monumental’s identification of the Mauku NE and Mangatoa gas-condensate prospects within its separate Tirua Point permit application area, as previously reported by Mining.com.au.
Separately, Monumental says it plans to ship equipment to New Zealand to produce a crude oil stabiliser intended to address wax-related production issues.
The company and New Zealand Energy are also participating in a proposed westward extension of the Ngaere Mining Licence to include the Beaconsfield prospect.
Monumental Energy is a Canadian company focused on oil and gas exploration, development, and production opportunities in New Zealand’s Taranaki Basin.
Write to France Pinzon at Mining.com.au
Main image: Monumental Energy
