Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to share the latest updates on the workover operations for the Copper Moki 1 & 2 (“CM 1&2”) wells, in collaboration with its partner and operator, New Zealand Energy Corp. (“NZEC”) (TSXV: NZ).
Monumental has already provided $100k NZD ($82,579 CAD) for CM 1&2, allocated for critical restart operations, including electricity, equipment rental, labor, testing and analysis, wellsite services, and comprehensive project management. These funds also support essential expenses such as licenses, permits, fees, and landowner costs, setting the stage for upcoming mechanical and parts replacement activities.
The second tranche of $100k NZD ($82,483 CAD) has also been provided by Monumental. This payment is designated for procuring remaining long-lead items, finalizing well re-entry programs, and securing service providers for forthcoming onsite activities.
Monumental anticipates that the subsequent third and fourth installments of $100k NZD will cover the costs of critical parts like 2 3/8” tubing and various sizes of pump rods. These payments are scheduled for mid to late February 2025, keeping CM 1&2 on track to commence the workovers by mid-March 2025. Upon commencement of production at CM 1&2, Monumental will first recoup 75% of the net revenues from oil and gas sales, followed by transitioning to a 25% royalty model.
Furthermore, Monumental and NZEC are evaluating potential sites for new wells either on currently permitted pads or near the Waihapa production facility. The Company will continue to keep the markets informed of any developments and potential agreements if they occur.
Maximilian Sali, VP Corporate Development comments, “This strategic investment in the Copper Moki wells underscores our commitment to exploring new opportunities that build shareholder value. We are encouraged by the progress of the workover process and optimistic about the potential yield from these sites.”
Monumental and NZEC have agreed to review all items purchased and other matters when making these payments so both parties are in agreement with the use of funds and can manage them properly as partners.
About Monumental Energy Corp.
Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sector. The Company owns securities of New Zealand Energy Corp. and entered into a call option and royalty agreement on the Copper Moki wells with New Zealand Energy Corp. The Company also has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile. The Company holds a 2% net smelter return royalty on Summit Nanotech’s share of any future lithium production from the Salar de Turi Project.
On behalf of the Board of Directors,
/s/ “Michelle DeCecco”
Michelle DeCecco, CEO
Contact Information:
Michelle DeCecco, Chief Executive Officer and Director
Email: michelle@monumental.energy
Or
Maximilian Sali, VP Corporate Development and Director
Email: max@monumental.energy
Phone: 1-604-367-8117
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, the plans for CM 1&2, the availability of equipment and personnel, anticipated workovers of CM 1 & 2, making further payments for CM 1&2, completion of the workovers and commencement of production of CM 1 & 2, potential oil and gas transactions, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals and the price of oil and gas, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),risks relating to inaccurate geological and development assumptions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of lithium, cesium and other metals, decrease in the price of oil and gas, loss of key employees, consultants, or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
