(WO) – Monumental Energy Corp. reported initial oil production from the Ngaere-1 well in New Zealand’s onshore Taranaki basin following the successful perforation of a previously untested bypass pay zone. The workover project is being carried out in partnership with New Zealand Energy Corp. and L&M Energy Ltd. under a joint operating agreement covering Petroleum Mining Licenses PML 38140 and PML 38141.
Following perforation, the well flowed oil and gas immediately, producing approximately 580 bbl of crude during the first six hours of operation. After a temporary shutdown to allow additional tanker capacity to arrive on site, the well resumed production and has produced roughly 3,000 bbl to date. Output is currently stabilizing near 120 bpd, with further stimulation and optimization activities planned to potentially increase production.
The Ngaere-1 well, originally drilled more than three decades ago, was recompleted in an upper interval of the Mount Messenger Formation that had not previously been evaluated. Despite limited historical log data for the zone, the well delivered immediate flow and early production revenues that the partners said have already recovered the cost of the workover.
Following the initial results, the partnership plans similar perforation operations at the Waihapa H1 and Ngaere-2 wells to target the same formation. Monumental is also pursuing additional acreage and permit opportunities in the Taranaki basin as it seeks to expand oil production and develop natural gas resources to help address New Zealand’s tightening domestic gas supply.
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