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Monumental Gold ( (TSE:MNRG) ) has provided an update.
Monumental Energy has restarted commercial production from all seven perforations in the Mount Messenger formation at the Waihapa H1 well in New Zealand’s onshore Taranaki Basin. The well, located close to the Waihapa production facility, is sending oil via pipeline to storage while associated gas is processed and sold into a high-priced local gas market.
All perforations encountered high-pressure natural oil flow without additional stimulation, with CEO Max Sali noting that each zone exceeded expectations and that current truck and storage capacity limits the ability to declare a stabilized flow rate. The project, conducted under a funding agreement with New Zealand Energy Corp., supports Monumental’s strategy to rapidly grow oil output and monetize gas in a premium price environment, potentially strengthening its cash flow and regional position.
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. It is building a strategic position in New Zealand’s onshore Taranaki Basin, targeting near-term oil production and longer-term natural gas development, and also holds interests in New Zealand Energy Corp. and a lithium royalty in Chile.
Average Trading Volume: 375,606
Technical Sentiment Signal: Buy
Current Market Cap: C$9.69M
For an in-depth examination of MNRG stock, go to TipRanks’ Overview page.