Mike Fagan,
Editor
March 12, 2026
Monumental Energy Corp. (TSX-V: MNRG)(OTCQB: MNMRF), currently trading around C$0.10 per share in a rising yet highly volatile oil price environment, has commenced perforation operations at the Waihapa H1 well in New Zealand’s onshore Taranaki Basin — marking the next step in the company’s effort to unlock new oil and gas production from existing wells.
The program follows closely on the heels of MNRG’s recently reported initial production success at Ngaere-1 where perforation of the Mount Messenger Formation delivered immediate oil and gas flow and established a proof of concept for targeting bypassed hydrocarbon zones within the broader Waihapa-Ngaere Field.
With crews now moved directly from Ngaere-1 to Waihapa H1, MNRG and its partners are aiming to build on that early momentum by testing another well with existing infrastructure and direct proximity to processing facilities, with additional wells scheduled to follow as operations progress.
At Waihapa H1, MNRG is targeting the same Mount Messenger interval that produced the encouraging early results at Ngaere-1.
Monumental’s broader thesis centers on using relatively low-cost perforation and workover programs on existing wells to unlock incremental production growth without the lead times and capital intensity typically associated with new drilling campaigns.
A successful outcome at Waihapa H1, followed by the planned work at Ngaere-2, would further support the view that the Mount Messenger Formation could represent a repeatable near-term production opportunity across the permit area.
Building a Cash-Flow Platform in New Zealand’s Energy Sector
Stepping back, this latest well update fits into MNRG’s strategy of funding cost-effective workovers to unlock bypassed oil and gas zones in existing wells.
Monumental has been building its position in New Zealand’s Taranaki Basin through funding and gainshare arrangements with New Zealand Energy Corp., where it has also previously disclosed a roughly 1.2-million-share equity position, providing exposure to production optimization, workovers, and longer-term natural gas development.
That strategy is designed to generate near-term cash flow from proven infrastructure and established producing fields while also expanding MNRG’s footprint in one of New Zealand’s most important onshore hydrocarbon basins.
The energy backdrop in New Zealand also remains favorable.
Natural gas prices there rank among the highest globally at roughly US$10 to US$15 per MCF, supporting Monumental’s strategy of generating near-term cash flow from its New Zealand portfolio. Operating costs are largely denominated in New Zealand dollars while oil production is priced against US dollar Brent benchmarks.
Earlier workovers at the Copper Moki wells in New Zealand’s Taranaki Basin have returned to commercial production, supporting MNRG’s goal of transitioning toward cash flow generation through royalty-linked oil and gas projects.
Beyond the current well work, Monumental has identified several additional growth initiatives for 2026, including a permit-area extension around Ngaere, new onshore permits in the Taranaki Basin, and potential participation in New Zealand’s Energy Development Fund.
With oil currently trading above US$90 per barrel on continued unrest in the Middle East, Monumental now has active production, near-term flow test results, additional well work ahead, and expanding exposure to New Zealand’s energy sector — all at a sub-C$7 million market cap.
Drilling deeper as always, our own Gerardo Del Real of Junior Resource Monthly caught up with newly-appointed Monumental Energy CEO Max Sali to discuss the company’s recent oil production success in New Zealand and the next wave of well workovers now underway. Please enjoy!
For more on Vancouver-based Monumental Energy, be sure to contact the company’s IR department at 604-367-8117.
Visit the Monumental Energy corporate website and sign up to receive direct updates here. View the company’s Investor Presentation here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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