(WO) — Monumental Energy Corp.‘s application for petroleum exploration acreage in New Zealand’s Taranaki basin has advanced to government review after a three-month competing-application period closed without any competing bids.
Image: Monumental Energy
The application for petroleum exploration permit PEP61554 covers approximately 245 km² of prospective onshore and offshore acreage in the northern Taranaki basin. Monumental submitted the application in May 2026 alongside private company 3TCF and New Zealand Energy Corp. (NZEC), which would serve as operator.
If the permit is granted and definitive agreements are completed, Monumental expects to hold a 60% interest in the acreage, while 3TCF would hold 30% and NZEC 10%.
Technical work by the partners has identified two gas-condensate prospects within the Tirua Point application area: Mauku Northeast and Mangatoa.
Mauku Northeast is an Eocene-age Mangahewa Group prospect located updip from the Mauku-1 well, drilled in 2013. That well encountered approximately 140 meters of net reservoir.
The deeper Mangatoa prospect targets the mid-Cretaceous Taniwha formation. The offshore Te Ranga-1 well, drilled in 1986, encountered approximately 100 meters of the formation at measured depths between 3,740 and 3,842 meters. Subsequent petrophysical analysis of available wireline and well data has indicated potential movable hydrocarbons within sandstone intervals, according to Monumental.
“The acceptance of our application is an important step toward securing the Tirua Point permit,” Monumental CEO Maximilian Sali said. “Tirua Point would expand our presence in the Taranaki Basin and add two identified gas-condensate prospects to our New Zealand portfolio.”
The application will now undergo government review by New Zealand Petroleum & Minerals. Monumental cautioned that there is no assurance the exploration permit will ultimately be granted.
If approved, the three partners plan to finalize joint venture and operating agreements governing exploration of the acreage.
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