Wedoany.com Report-Jun 25, Monumental Energy Corp., a Vancouver-based company, announced on Monday that the Copper Moki-2 (CM-2) well in New Zealand’s Taranaki Basin has restarted commercial production after a workover. The well, owned by New Zealand Energy Corp. (NZEC), is part of a deal where Monumental funded workovers at CM-1 and CM-2 for a 75 percent revenue share until costs are recouped.

'The Copper Moki wells have demonstrated exceptional reservoir performance, with cumulative production approaching one million barrels of oil to date'.

CM-2’s workover involved a new pump, which has removed about 300 barrels of brine and is functioning well. Monumental stated: “The successful recompletion of CM-2 - including the perforation of three new intervals - is expected to significantly enhance output.” The CM-1 workover, still in progress, will take around 10 days. Production data for both wells will be shared soon.

Max Sali, Monumental’s Vice President for Corporate Development, said: “The Copper Moki wells have demonstrated exceptional reservoir performance, with cumulative production approaching one million barrels of oil to date.” The CM-2 recompletion is set to increase output, leveraging the Mt. Messenger formation’s productivity for cash flow.

Operational since 2011, Copper Moki paused in 2022 due to mechanical issues, resolved with routine maintenance. Now connected to New Zealand’s gas network, the field benefits from gas sales at $11.00–$15.00 per MCF and oil at a slight discount to Brent Crude ($77.39 on June 20, 2025). The workovers, agreed in October 2024, cost NZD 800,000 ($482,000).

New Zealand, importing 57.3 million barrels of oil in 2024 while producing 5.65 million, depends on Taranaki Basin. In 2024, the government lifted an exploration ban, and in May 2025, it committed NZD 200 million to new gas field development, supporting projects like Copper Moki.