MONUMENTAL ENERGY ANNOUNCES COMMERCIAL PRODUCTION AT WAIHAPA H1

Core Viewpoint - Monumental Energy Corp. has successfully restarted commercial production from all 7 perforations in the Mount Messenger formation, indicating a positive development in their oil production efforts in New Zealand [2][5]. Group 1: Production and Operations - The Waihapa H1 well, located near the Waihapa production facility, has commenced oil production, with oil being sent through a pipeline into a holding tank [2]. - Seven 6-meter perforations in the well encountered natural, high-pressure oil flow without additional stimulation, and production began on March 13, 2026 [5]. - The well previously produced oil from the lower Tikorangi formation at rates exceeding 1500 barrels per day [4]. Group 2: Strategic Partnerships and Agreements - Monumental has entered into a funding agreement with New Zealand Energy Corp. (NZEC) to collaborate on appraisal and development projects aimed at increasing oil and gas production in the Taranaki Basin [3]. - NZEC holds a 50% interest in the Petroleum Mining Licences PML 38140 and PML 38141, which cover the area of the Waihapa H1 well [3]. Group 3: Market Context and Pricing - Current natural gas prices in New Zealand range from approximately USD$10 to USD$15 per MCF, positioning the country as having one of the highest gas price environments [8]. - The price of Brent crude is currently above USD$100 per barrel, which may positively impact the company's revenue from oil production [9]. Group 4: Future Outlook - Monumental expects to publish stabilized flow rates and total production data once testing is completed and data is assessed [5]. - The exploration team has identified 60 meters of prospective "bypass pay" in the Mount Messenger formation, indicating potential for further production growth [4].