Ms. Michelle Dececco reports

MONUMENTAL ENERGY CORP. PROVIDES UPDATE ON ITS INVESTMENT INTO NEW ZEALAND ENERGY CORP.

Monumental Energy Corp. has provided an operational update from New Zealand Energy Corp. (NZEC), highlighting developments pertinent to Monumental's investment made into NZEC on Dec. 12, 2023. Monumental currently owns and controls one million common shares, constituting a 12.92-per-cent equity ownership stake in NZEC, acquired at a cost base of 38 cents per share.

As reported by NZEC on Feb. 15, 2024:

• Tariki-5 new development well:
  • Targets development of approximately 13.8 PJ (petajoules) (6.9 PJ NZEC share) of 2P (proved plus probable) gas reserves in an undrained up-dip compartment of the Tariki field.
  • The drilling and development team is now in place and in a position to allow NZEC to complete all the required well work.
  • Well planning is under way, with the contracting of a rig and services, as well as the acquisition of long-lead equipment.
  • The Tariki-A site has resource consent for the drilling operations, with other outstanding regulatory consents anticipated to be in place to allow drilling to commence late in the first half of 2024 or early in the second half of 2024.
• Copper Moki 1 and 2 production reinstatement:
  • NZEC plans on reinstating production from both Copper Moki 1 and 2 -- an intervention program will be required to remediate these wells.
  • The planning phase of this remediation work has commenced, and the work is expected to be executed in Q2 2024. Production is expected to be reinstated at rates in excess of 50 bopd (barrels of oil per day) plus associated gas by mid-Q2 2024.
• Waihapa-H1:
  • NZEC also plans to re-enter and clean out the wellbore on Waihapa-H1, a well that was drilled in 2006 and produced significant volumes of oil for a short period of time before experiencing a collapse of a limited section of the wellbore.
  • Plans include re-entry of the well and a clean-out of a short section of the wellbore to re-establish production. The well produced at rates of over 700 bbl (barrels) oil (100 per cent) per day prior to the collapse, and rates postremediation are expected to be significant.
  • This activity is currently in the planning phase, and execution is expected in Q2 2024, with production potentially back on-line in late Q2 2024.

As announced on Oct. 31, 2022, NZEC received an independent reserves evaluation from RPS Energy Canada Ltd. in respect of the Tariki field, located in petroleum mining licence (PML) 38138, held as to 50 per cent by NZEC's wholly owned subsidiary, NZEC Tariki Ltd. For further information regarding the Tariki field and the reserve report, please refer to NZEC's news release dated Oct. 31, 2022. To assist in the financing of the Tariki-5 well, NZEC is advancing discussions with gas purchasers interested in acquiring Tariki gas in the ground and, after production, converting the Tariki field into a gas-storage project. Current plans by NZEC are expected to have the well spudding in July, 2024.

About Monumental Energy Corp.

Monumental Energy is an exploration company focused on the acquisition, exploration and development of properties in the critical and clean energy sector. The company has an option to acquire a 75-per-cent interest and title to the Laguna cesium-lithium brine project located in Chile and a 50.01-per-cent interest in the Salar De Turi lithium project in Chile. The company has an option to acquire a 100-per-cent interest in the Jemi heavy rare earth element project located in Coahuila, Mexico, near the Texas, United States, border. The company owns securities of New Zealand Energy Corp.

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