TARIKI-5 GAS WELL HAS COMMENCED
DRILLING
VANCOUVER, BC, Oct. 1, 2024
/CNW/ - Monumental Energy Corp. ("Monumental" or the
"Company") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased
to announce that New Zealand Energy Corp. ("NZEC")(TSXV: NZ)
has commenced drilling on its highly anticipated Tariki-5
conventional gas well in the Taranaki region located on the north
island of New Zealand.
The Tariki Joint Venture, comprised of NZEC's wholly owned
subsidiary, NZEC Tariki Limited (as to 50%) and L&M Energy
Limited (as to 50%), reports that operations for the Tariki-5 well
commenced at 6:30am (New Zealand
Standard Time) on September 30,
2024.
The well is planned to take 27 days to reach the target total
depth of 2846 m AHRT (Along Hole
below Rotary Table). The key sections of the well are expected to
be drilled over the following date ranges:
- Tikorangi Limestone (fractured reservoir secondary target for
information only) October 12-14,
2024; and
- Tariki Sandstone (primary development target for full
evaluation) October 16 -21,
2024.
The current planning indicates well drilling operations
including drilling and completion is expected to be completed by
October 26, 2024. Well perforation,
clean-up flow and tie-in of the well to production is expected to
be completed by November 14,
2024.
As previously announced, all other contractual arrangements
necessary to allow gas to be transported through the main
New Zealand gas network and to
allow gas to be delivered to Genesis Energy have already been
completed.
Monumental Energy recently visited the site of the Tariki-5 gas
well that NZEC has begun to drill. NZEC has contracts to sell gas
from Tariki-5 to Genesis Energy, a large New Zealand gas and electricity utility.
Monumental is a significant shareholder of NZEC, owning
1,293,333 shares or 8.63% at an average cost base of $0.46 cents.
Site Visits Completed
Monumental Energy completed due diligence on a number of
opportunities with NZEC during a site visit and is currently in
discussions to move oil projects forward. Monumental Energy has
cash on hand to fund opportunities that upon success, could
potentially provide near term revenue for Monumental. Any potential
transaction with NZEC is subject to, among other things,
negotiation, execution of definitive agreements and TSX Venture
Exchange approval.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the
acquisition, exploration, and development of properties in the
critical and clean energy sector. The Company has an option to
acquire a 75% interest and title to the Laguna cesium-lithium brine
project located in Chile. The
Company holds a 2% net smelter return royalty on Summit Nanotech's
share of any future lithium production from the Salar de Turi
Project, Chile. The Company owns
securities of New Zealand Energy Corp.
On behalf of the Board of Directors,
/s/ "Michelle DeCecco"
Michelle DeCecco, CEO
Contact Information:
Michelle DeCecco, Chief Executive Officer
and Director
Email: michelle@monumental.energy
Or
Maximilian Sali, VP
Corporate Development and Director
Email: max@monumental.energy
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Forward Looking Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, the potential plans for the
Company's projects, the expected drilling and outcomes at Tariki-5
by NZEC, potential oil and gas transactions with NZEC, other
statements relating to the technical, financial and business
prospects of the Company, its projects, its goals and other
matters. All statements in this news release, other than statements
of historical facts, that address events or developments that the
Company expects to occur, are forward-looking statements. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Such statements are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of metals and the price of oil and gas, the
ability to achieve its goals, that general business and economic
conditions will not change in a material adverse manner and that
financing will be available if and when needed and on reasonable
terms. Such forward-looking information reflects the Company's
views with respect to future events and is subject to risks,
uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates and the potential for unexpected costs and
expenses and those other risks filed under the Company's profile on
SEDAR+ at www.sedarplus.ca. While such estimates and assumptions
are considered reasonable by the management of the Company, they
are inherently subject to significant business, economic,
competitive and regulatory uncertainties and risks. Factors that
could cause actual results to differ materially from those in
forward looking statements include, but are not limited to,
continued availability of capital and financing and general
economic, market or business conditions, failure to secure
personnel and equipment for work programs, adverse weather and
climate conditions, risks relating to unanticipated operational
difficulties (including failure of equipment or processes to
operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government
action or delays in the receipt of government approvals, industrial
disturbances or other job action, and unanticipated events related
to health, safety and environmental matters), risks relating
to inaccurate geological assumptions, failure to maintain or obtain
all necessary government permits, approvals and authorizations,
failure to obtain or maintain surface access agreements or
understandings from local communities, land owners or Indigenous
groups, fluctuation in exchange rates, the impact of viruses and
diseases on the Company's ability to operate, capital market
conditions, restriction on labour and international travel and
supply chains, decrease in the price of lithium, cesium and other
metals, decrease in the price of oil and gas, loss of key
employees, consultants, or directors, failure to maintain or obtain
community acceptance (including from the Indigenous communities),
increase in costs, litigation, and failure of counterparties to
perform their contractual obligations. The Company does not
undertake to update forward–looking statements or forward–looking
information, except as required by law.
SOURCE Monumental Energy Corp.
