Monumental Energy said New Zealand Petroleum & Minerals has accepted its application for petroleum exploration permit PEP61554 in the Taranaki Basin and moved it to government review.
The permit application covers the Tirua Point area in New Zealand’s Taranaki Basin.
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It was submitted by Monumental Energy in May 2026 alongside private company 3TCF and New Zealand Energy, which has been named as the potential operator.
The three-month window for competing applications ended in August 2026 with no other bids received.
Monumental Energy anticipates holding a 60% interest in the permit if granted, while 3TCF would own 30% and New Zealand Energy would take a 10% stake.
The Tirua Point application encompasses approximately 245km² of both onshore and offshore territory in the northern part of the Taranaki Basin.
Technical reviews by the applicant consortium have identified two gas condensate prospects in the area, Mauku Northeast and Mangatoa.
The Mauku Northeast target is located within the Eocene-age Mangahewa Group, situated up-dip of the Mauku-1 well drilled in 2013.
That well encountered around 140m of net reservoir, according to Monumental Energy.
The Mangatoa prospect is deeper, seeking hydrocarbons in the mid-Cretaceous Taniwha Formation.
Previous drilling at the offshore Te Ranga-1 well in 1986 penetrated roughly 100m of the Taniwha Formation between measured depths of 3,740m and 3,842m below the Kelly bushing.
Subsequent analysis of wireline and well data indicated signs of moveable hydrocarbons within sandstone sections of the formation.
Monumental Energy CEO, director and founder Maximilian Sali said: “The acceptance of our application is an important step towards 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.”
In July 2026, New Zealand issued its first offshore petroleum exploration permit since the lifting of a ban initiated under Jacinda Ardern’s Labour government. This permit authorises EnZed Energy to explore a 546km² area near the Kupe gas field in the offshore Taranaki Basin.
