(WO) — Monumental Energy Corp. has identified two gas-condensate prospects within its pending Tirua Petroleum Exploration Permit application in New Zealand’s Taranaki basin following reinterpretation of subsurface data from the acreage.
Location showing distance from Tirua Point application area to infrastructure. Image: Monumental Energy
The company applied for PEP 61554 in early 2026, covering a 254-sq-km area spanning onshore and offshore acreage in the northern Taranaki basin. The application remains subject to approval by New Zealand Petroleum and Minerals (NZPAM).
Technical work by the bid group has identified the Mauku NE and Mangatoa prospects. Monumental estimates Mauku NE has potential recoverable resources of 200 PJ and targets the Eocene-age Mangahewa Group at a depth of approximately 2,000 m.
Mauku NE lies updip of the Mauku-1 well drilled in 2013, which encountered a 140-m net reservoir interval. Monumental said the target could be drilled from an onshore location.
The deeper Mangatoa prospect targets the mid-Cretaceous Taniwha Formation and is estimated by the company to contain more than 1,000 PJ of prospective potential. Reprocessed seismic indicates the prospect could also potentially be accessed through onshore-to-offshore drilling.
The offshore Te Ranga-1 well, drilled in 1986, encountered approximately 100 m of the Taniwha Formation. Monumental said subsequent petrophysical interpretation of wireline and well data indicated movable hydrocarbons within sands in the interval. Existing gas processing infrastructure is located about 30 km from the target area.
If PEP 61554 is awarded and other required agreements and approvals are completed, Monumental expects to hold a 60% interest, with private New Zealand company 3TCF holding 30% and New Zealand Energy Corp. holding 10%.
Monumental said additional technical work, including exploration drilling, will be required to determine the extent and commercial potential of the targets.
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