MONUMENTAL ENERGY CORP. TO REVIEW MULTIPLE OPPORTUNITIES IN OIL AND GAS IN THE TARANAKI REGION WITH NEW ZEALAND ENERGY CORP.
VANCOUVER, BC, Sept. 19, 2024 /CNW/ - Monumental Energy Corp. ("Monumental" or the "Company") (TSXV: MNRG) (FSE: ZA6) (OTCQB: MNMRF) is pleased to announce that it will be doing site visits and due diligence on multiple conventional oil and gas opportunities in the Taranaki region located on the north island of New Zealand with New Zealand Energy Corp. (TSXV: NZ) ("NZEC").
Potential opportunities include the farm-in on several oil workover wells, royalty or streaming arrangements, exploration of new oil and gas targets on NZEC concessions and a bid to acquire new tender blocks. Monumental intends to collaborate with NZEC on these opportunities through Monumental Energy Corp NZ Limited, the Company's recently incorporated wholly-owned subsidiary. Additionally, NZEC owns 50% of the Waihapa production facility, which allows for any oil workover production or new discoveries to be either trucked less than 3 km or directly tied into the facility, ensuring a fast route to market for New Zealand's supply. Any potential transaction with NZEC is subject to, among other things, due diligence, negotiation, execution of definitive agreements and TSX Venture Exchange approval.
Monumental will also visit the site of the Tariki-5 gas well that NZEC plans to drill in the near future. NZEC has contracts to sell gas from Tariki-5 to Genesis Energy, a large New Zealand gas and electricity utility.
Monumental is a significant shareholder of NZEC, owning 1.3M shares or 8.63% at an average cost base of $0.46 cents.
Monumental will be doing site visits, due diligence and meetings in New Zealand during the week of September 24th and will be meeting with drillers, contractors, legal counsel, government officials and other individuals.
Maximilian Sali, VP Corporate Development, director and founder comments, "As a significant shareholder of NZEC and having built a strong relationship with the team, it seemed only natural for us to take another step farther into oil and gas in this prolific basin in New Zealand and begin assessing opportunities for Monumental to generate its own revenue by partnering on certain assets and potentially bidding on new blocks with NZEC. We are excited about our upcoming site visits in New Zealand. We are also very excited that NZEC is soon to begin drilling its highly anticipated Tariki-5 gas well into a market where the prices range from 15-25 dollars NZ an MCF due to the extreme gas shortages that the country has from the lack of new wells to come online over the last decade. We look forward to seeing the progress and results made by NZEC with the drilling of Tariki-5 gas."
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 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, Chile. The Company owns securities of New Zealand Energy Corp.
On behalf of the Board of Directors,
/s/ "Michelle DeCecco"
Michelle DeCecco, CEO
Contact Information:
Michelle DeCecco, Chief Executive Officer and Director
Email: [email protected]
Or
Maximilian Sali, VP Corporate Development and Director
Email: [email protected]
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 planned visit to New Zealand for due diligence and site visits of potential oil and gas opportunities, potential oil and gas transactions with NZEC, 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 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.
SOURCE Monumental Minerals Corp.
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