Canada-listed explorer Monumental Energy has announced plans to take an ownership interest in the Maata oilfield through a consortium of four companies operating in New Zealand’s onshore Taranaki Basin.
The company intends to participate in the project alongside Jetex Energy, which is designated as operator, New Zealand Energy and 3TCF.
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The Maata prospect covers petroleum exploration permit PEP 60742 and is mapped as the largest Mount Messenger sandstone target yet identified in the onshore Taranaki Basin.
This region has been home to several developed oilfields including Ngatoro, Kaimiro, Cheal and Copper Moki, with tens of millions of barrels discovered.
While oil and gas production from adjacent fields is noted, the Maata prospect itself has not been drilled and its reserves remain unconfirmed.
Monumental Energy stated that technical studies and drilling are required before the resource potential is known.
A location for the planned Maata-1 well has been secured, drilling materials including casing and wellhead equipment are being procured, and the necessary regulatory consents for drilling have been obtained.
The consortium plans to begin operations during the first quarter of 2027, provided a joint venture and operating agreement is finalised and relevant government approvals are granted.
The company highlighted estimated reserve potential of more than ten million barrels (mbbl) of oil from the Mount Messenger formation alone, with associated gas and possible additional volumes from deeper horizons.
Monumental CEO Maximilian Sali said: “The plan to participate in the Maata oilfield represents a significant step in building Monumental’s assets in an incredibly profitable oil market that appears to have longevity, with Brent crude forecast to remain above $100 well into 2027.
“The location and proximity to facilities for oil separation is within a few kilometres. We will provide further update when the Maata oilfield transaction is completed in the very near future.”
Surrounding activity lends geological context to the prospect.
The adjacent Cheal field has produced upwards of 15mbbl, nearby Copper Moki wells have exceeded 1mbbl and three re-perforations in the Waihapa/Ngaere area, all of which involved Monumental, delivered initial flow rates of several hundred barrels per day of light, sweet crude.
If oil and gas are discovered, production could be linked via existing infrastructure to the nearby Waihapa Production Station and on to market.
Before work can proceed, the four parties must agree ownership percentages and capital commitments, and secure TSX Venture Exchange approval.
New Zealand Petroleum and Minerals is currently reviewing an updated operating permit submitted by Jetex Energy.
In a separate development, Monumental Energy has completed due diligence for proprietary chemical equipment, which is expected to be shipped from San Antonio, Texas, US, to New Zealand by next month.
The equipment will be used to produce an “Organic Crude Oil Stabiliser” designed to address wax issues in the Taranaki basin’s oilfields. The company has received provisional approval for this import.
