Monumental Energy Corp. has identified two gas and condensate targets as part of its application for an oil and gas exploration permit in the Tiroa field in the Taranaki Basin of New Zealand. This identification follows a review of subsurface data from the area.
Exploration Permit Application Details
Monumental Energy submitted its exploration permit application PEP 61554 in early 2026, which covers an area of 254 square kilometers that includes both onshore and offshore sections of the Taranaki Basin. This application is still awaiting approval from New Zealand Petroleum and Minerals (NZPAM).
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Resource Estimates
The technical research of the applicant group has identified two gas targets named Mauku NE and Mangatoa. Monumental estimates that Mauku NE has recoverable resources of 200 petajoules (PJ) and is targeted at a depth of approximately 2000 meters. This target is located upstream of the Mauku-1 well, which was drilled in 2013 and reached a 140-meter reservoir interval. Monumental has stated that this target could be drilled from an onshore location.
The deeper Mangatoa reservoir targets mid-Cretaceous objectives and is estimated to have over 1000 petajoules (PJ) of potential. Reprocessed seismic data indicates that this target could also be accessed through onshore drilling to offshore.
Facilities and Infrastructure
The offshore well Te Ranga-1, drilled in 1986, has identified approximately 100 meters of the Taniwha formation. The company has stated that the petrophysical interpretation of the well data indicates movable hydrocarbons in the sands of this area. Existing infrastructure for gas processing is located about 30 kilometers from the target area.
If the PEP 61554 permit is granted and other necessary agreements and approvals are completed, Monumental expects to hold a 60 percent share, while the private New Zealand company 3TCF will hold 30 percent and New Zealand Energy will hold 10 percent.
Monumental has stated that further technical research, including exploratory drilling, is essential to determine the scope and commercial potential of these targets.
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