Monumental said it and New Zealand Energy are evaluating potential sites for new wells in the Taranaki Basin. (Source: Shutterstock)
Vancouver, British Colombia-based Monumental Energy Corp. said it expects to place two workover wells in New Zealand back into production by May 30, according to an April 17 press release.
The wells, Copper Moki 1 and 2, are in the Taranaki Basin on the nation’s west coast. Monumental co-owns the wells with New Zealand Energy Corp.
Rig contractor RIVAL is scheduled to set up Copper Moki 2 in the week starting May 12, Monumental said. If the workovers succeed, the rigs will go back into production immediately.
To date, Monumental has paid CA$345,000 (~US$249,000) including a 70% deposit of CA$92,000 (~US$66,447) to RIVAL.
The balance covered the costs of parts like 2 3/8” tubing, various sizes of pump rods, pumps and accessories, as well as completion designs and project management.
Monumental will first recoup 75% of the net revenues from oil and gas sales, followed by transitioning to a 25% royalty mode.
Monumental said it and New Zealand Energy are evaluating potential sites for new wells in the Taranaki Basin.
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