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Omega Oil & Gas Limited (ASX:OMA)

ALERT: Price-sensitive ASX Announcement for OMA
Current share price for OMA : $0.510 0.145 (39.73%)+
Announcement
Release
12 Nov 2025 8:29AM
Price at Release
$0.365
Full Release
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Summary
Omega Oil & Gas Limited (ASX: OMA) has signed a binding Letter of Intent with Helmerich & Payne (Australia) Drilling Pty Ltd (H&P) for its Taroom Trough Appraisal Program. This agreement involves the provision of Rig 648 for Omega's Canyon Project, an appraisal program targeting the Permian unconventional gas and liquids play. The project features a substantial contingent resource potential of 0.4-1.7-4.5 TCFE, with plans to drill three firm wells and four optional wells starting in mid-May 2026. Omega is well-capitalized with over $70 million to support the program. The project's goal is to define the reservoir quality and unlock significant gas resources in Queensland's Taroom Trough, contributing to domestic energy security and future LNG opportunities. The collaboration with H&P, known for its advanced drilling technology, underscores Omega's commitment to safe and efficient operations.
Key Points
  • Omega signed Binding LOI with H&P for the Taroom Trough Appraisal Program.
  • Rig 648 will be used for the Canyon Project, targeting unconventional gas.
  • Resource potential estimated between 0.4-1.7-4.5 TCFE.
  • Program to commence in mid-May 2026 with three firm wells and four optional wells.
  • Omega is well-funded with over $70 million for the project.
  • Project aims to unlock significant gas resources for domestic energy security.
  • Collaboration involves advanced drilling technology and expertise from H&P.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.