Canadian explorer Monumental Energy Corp. has finalised target areas within the Tirua Petroleum Exploration Permit application in New Zealand’s Taranaki Basin, positioning itself to address the nation’s pressing natural gas supply deficit.
Following a thorough reinterpretation of data across the Mauku block, the company identified a key target zone within the 254-square-kilometre onshore and offshore application area, designated as PEP 61554. Technical evaluations revealed two significant gas condensate prospects: Mauku NE and the deeper Mangatoa.
Mauku NE presents a recoverable resource potential of 200 petajoules. Situated at a relatively shallow depth of 2,000 metres, the prospect can be drilled directly from onshore locations.
Lying beneath Mauku NE is the southern culmination of Mangatoa, a substantial target estimated at over 1,000 petajoules.
Reprocessed seismic data indicates that directional onshore-to-offshore drilling can reach these deeper gas-bearing sands economically. Existing processing infrastructure capable of delivering gas directly to market sits just 30 kilometres away.
The exploration push comes at a critical time for New Zealand’s energy market, where wholesale gas prices recently spiked to $20.55 NZ per thousand cubic feet ($11.50 USD) due to acute supply shortages.
“Monumental Energy is working diligently and quickly to apply for new gas-bearing acreage and bring new investment to these areas that the company deems extremely beneficial to the country of New Zealand and shareholders,” said CEO Maximilian Sali.
Upon final permit approval from New Zealand Petroleum and Minerals, Monumental expects to hold a 60 per cent operating stake. Private firm 3TCF will hold 30 per cent, with New Zealand Energy Corp. retaining the remaining 10 per cent, subject to regulatory and exchange clearances.
Prior to owning and operating PEP 61554, these three parties will need to finalise a joint venture and operating agreement, obtain any required TSX Venture Exchange approvals, and obtain any additional New Zealand government regulatory approvals.