Monumental Energy Secures Tirua Point Exploration Permit in New Zealand

Monumental Energy Corp. (TSXV: MNRG; FSE: ZA6; OTCQB: MNMRF), a Canadian energy company, has announced that its application for petroleum exploration permit PEP61554, covering the Tirua Point application area in New Zealand's prominent Taranaki Basin, has been accepted by New Zealand Petroleum & Minerals (NZPAM). This development marks a significant step in the company's strategy to expand its energy presence in the region.

According to the company's statement, Monumental Energy expects to hold a 60% majority interest in this exploration permit. The other partners in the project include private company 3TCF with a 30% stake and New Zealand Energy Corp. (TSXV: NZ), which is the proposed operator, holding the remaining 10%. The exploration permit application was submitted in May 2026, and the three-month competing-application period closed on August 12, 2026, with no competing applications received.

The Tirua Point application area covers approximately 245 square kilometers of prospective onshore and offshore acreage in the northern Taranaki Basin. Technical work completed by the applicant group has identified two gas-condensate prospects: Mauku Northeast and Mangatoa. Mauku Northeast is an Eocene-age Mangahewa Group prospect located updip from the Mauku-1 well, drilled in 2013, which intersected approximately 140 meters of net reservoir. Mangatoa is a deeper prospect targeting the mid-Cretaceous Taniwha Formation. The offshore Te Ranga-1 well, drilled in 1986, intersected approximately 100 meters of the Taniwha Formation, with subsequent petrophysical reviews interpreting indications of movable hydrocarbons.

This development strengthens Monumental Energy's strategic position in New Zealand and could increase market interest in its shares, MNRG. The Taranaki Basin is recognized as one of New Zealand's most productive hydrocarbon regions, known for its high discovery rate and reliable performance. Successful exploration activities in the area could positively impact the company's valuation and support its long-term growth potential.

Recent shifts in the New Zealand government's energy policies align with the country's efforts to increase domestic natural gas supply. The repeal of a drilling prohibition previously imposed by the prior administration signals renewed momentum in the oil and gas sector, aiming to bolster national energy security. This makes New Zealand a more attractive investment destination for companies like Monumental Energy.

The accepted application will now proceed to government review, and there can be no assurance that the permit will be granted within the anticipated timeframe or at all. However, market analysts and industry experts suggest that such exploration permits could accelerate the company's exploration and production activities in the Taranaki Basin in the medium term, paving the way for seismic surveys and potential drilling programs. Beyond its oil and gas projects in New Zealand, Monumental Energy continues to build a diversified portfolio in the critical and clean energy sectors with lithium projects in Chile.