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Monumental Gold ( (TSE:MNRG) ) has shared an update.
Monumental Energy reported initial flush production of 3,000 barrels and a better-than-expected stable, unstimulated flow rate of 300 barrels per day from its Ngaere-2 well near the Waihapa production facility in New Zealand’s Taranaki Basin. The company now has four wells online, with six additional wells permitted, and, together with operator New Zealand Energy Corp. and co-venturer L and M, sees potential to reach 1,000 barrels of oil equivalent per day as it pursues further workovers and production optimization under an existing funding agreement.
Management said the recent well results, combined with stronger oil prices, are supporting accelerated growth plans and additional drilling and workover activities across licences PML 38140 and PML 38141. The latest success at Waihapa H1 and Ngaere-2 strengthens Monumental’s production base and underpins its strategy of building a meaningful oil and gas position in the Taranaki Basin while retaining optionality in the broader clean energy and critical minerals space.
More about Monumental Gold
Monumental Energy Corp. is an exploration company focused on acquiring, exploring and developing assets in the critical and clean energy sectors, with a strategic emphasis on New Zealand’s onshore Taranaki Basin. The company targets near-term oil production and longer-term natural gas development, and also holds exposure to critical minerals through a royalty on a Chilean lithium project.
Average Trading Volume: 532,943
Technical Sentiment Signal: Buy
Current Market Cap: C$10.08M
For an in-depth examination of MNRG stock, go to TipRanks’ Overview page.