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Monumental Energy Plans Stake in Undrilled New Zealand Oil Field JV

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MNRGCA$0.0700 0.00%

Monumental Energy Corp. (TSXV:MNRG) plans to acquire an ownership stake in the undrilled Maata oil field in New Zealand. The proposed joint venture includes regional partners Jetex, NZEC, and 3TCF, with an operator designated for the project.

The site is secured and necessary consents are in place, but the prospect remains an early-stage exploration asset. While the field has potential exceeding 10 million barrels of oil, the resources are currently unproven. Monumental also budgeted $30,000 for oil stabilizer equipment to handle wax issues at the field.

Drilling is expected to begin in the first quarter of 2027, pending final joint venture agreements and regulatory permits. Investors will be watching for signed terms, defined ownership stakes, and preliminary drilling results.

Key points

  • Monumental Energy Corp. plans to buy a stake in the undrilled Maata oil field in New Zealand alongside partners Jetex, NZEC, and 3TCF.
  • The location has been secured with consents in hand, targeting a prospect with potential exceeding 10 million barrels of oil.
  • Drilling is targeted to start in the first quarter of 2027, subject to finalized joint venture agreements and permits.
  • The company budgeted $30,000 for oil stabilizer equipment to address wax issues during operation.

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Questions and answers

What is Monumental Energy's plan for the Maata oil field?

Monumental Energy Corp. plans to acquire a stake in the undrilled Maata oil field in New Zealand through a joint venture with Jetex, NZEC, and 3TCF.

When will drilling start at the Maata oil field?

Drilling is expected to begin in the first quarter of 2027, subject to final joint venture terms, agreements, and permits.

What is the resource potential of the Maata oil field?

The undrilled Maata prospect has potential exceeding 10 million barrels of oil, though it remains an early-stage exploration asset.