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Monumental Gold ( (TSE:MNRG) ) has provided an announcement.
Monumental Energy Corp. reported a better-than-expected unstimulated flow rate of 568 barrels per day of 38° API crude from the reworked Waihapa H1 well in New Zealand’s onshore Taranaki Basin, following an initial flush production of 3,000 barrels. The well was brought back online through a low-cost perforation program over seven intervals near existing infrastructure, and the company noted that daily output is still increasing, with further production details to come.
The Waihapa H1 success, executed under Monumental’s funding partnership with New Zealand Energy Corp. across the PML 38140 and PML 38141 licences, underscores the effectiveness of its low-risk, capital-efficient workover strategy. Together with strong results from the Ngaere 1 well, the performance reinforces Monumental’s plan to grow near-term production and accelerate cash flow generation, strengthening its position in the Taranaki Basin and supporting broader ambitions in critical and clean energy assets.
More about Monumental Gold
Monumental Energy Corp. is a Vancouver-based exploration company focused on acquiring, exploring and developing assets in the critical and clean energy sectors. The company is building a strategic foothold in New Zealand’s onshore Taranaki Basin, targeting near-term oil production and longer-term natural gas development while retaining exposure to lithium through a royalty on Summit Nanotech’s interest in Chile’s Salar de Turi project.
Monumental has a funding agreement with New Zealand Energy Corp. to pursue production optimization and workover opportunities across existing Taranaki fields. It also holds securities of New Zealand Energy, along with a call option and royalty interest over the Copper Moki wells, positioning the company to benefit from both operational upside and financial interests in the basin.
Average Trading Volume: 429,167
Technical Sentiment Signal: Buy
Current Market Cap: C$9.31M
See more insights into MNRG stock on TipRanks’ Stock Analysis page.