Monumental Energy Corp. has cleared its first regulatory hurdle for the Tirua Point application area in New Zealand’s Taranaki Basin after New Zealand Petroleum & Minerals accepted its permit application to proceed to government review.

The application, submitted by Monumental alongside private company 3TCF and proposed operator New Zealand Energy Corp., advanced following the close of a three-month competing-application period that drew no competing bids. The filing covers roughly 245 square kilometres of onshore and offshore acreage in the northern Taranaki Basin and incorporates two identified gas-condensate prospects: Mauku Northeast and Mangatoa.

Technical work indicates the Mauku Northeast prospect is an Eocene-age Mangahewa Group target situated updip from the Mauku-1 well drilled in 2013, which intersected approximately 140 metres of net reservoir. Deeper target Mangatoa focuses on the mid-Cretaceous Taniwha Formation, where an offshore well drilled in 1986 intersected roughly 100 metres of formation, with subsequent petrophysical reviews indicating potential movable hydrocarbons within sandstone intervals.

The accepted application now sits before the government agency for review, with no guarantee of a definitive timeframe for a final decision. Upon the permit being granted and definitive agreements completed, Monumental expects to hold a controlling 60% interest, with 3TCF holding 30% and New Zealand Energy Corp. retaining the remaining 10%.

“The acceptance of our application is an important step toward securing the Tirua Point permit. Tirua Point would expand our presence in the Taranaki Basin and add two identified gas-condensate prospects to our New Zealand portfolio. Monumental and its partners have spent a significant number of hours to get this application lodged with the government regulatory agency, New Zealand Petroleum and Minerals (NZPAM). I believe this forward thinking and right timing will lead to a re-rating of our share price. This is just the first of many catalysts to come between now and the rest of the year.”

— Maximilian Sali, CEO, Director and Founder

The exploration application builds on the company’s existing footprint in the jurisdiction. Monumental maintains a funding agreement with New Zealand Energy Corp. directed at production optimization and workover opportunities across active fields in Petroleum Mining Licences PML 38140 and PML 38141 within the Taranaki Basin.

If the permit is ultimately granted by regulators, the applicant group intends to finalize and enter into definitive joint-venture and operating agreements to govern future appraisal and development across the acreage.

Read the full announcement: Monumental Energy Announces Accepted Bid for the Tirua Point Application Area in New Zealand