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Omega Oil & Gas Limited (ASX:OMA)

ALERT: Price-sensitive ASX Announcement for OMA
Current share price for OMA : $0.650 0.065 (11.11%)+
Announcement
Release
28 Jul 2026 8:37AM
Price at Release
$0.585
Full Release
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Summary
Omega Oil & Gas Limited announced its Quarterly Activities Report for the period ending on 30 June 2026, highlighting a strong financial position with $102 million in cash and no debt following a successful $60 million equity raise. The company is fully funded for the next drilling phase, including four vertical and up to two horizontal wells in the Taroom Trough, Queensland. The 2026/27 drilling program, aimed at appraising significant oil and gas resources, is set to begin with the Canyon-3 well. Omega focuses on the eastern flank of the Taroom Trough, benefitting from the area’s geological attributes, and is actively engaged in land access and infrastructure development to support its operations. The report also detailed financial activities including net cash from operations, investments, and financing, as well as payments to related parties, underscoring the company's robust strategy for leveraging their resources and assets.
Key Points
  • Omega's cash balance at 30 June 2026 was $102 million.
  • The company completed a $60 million equity raise.
  • Omega is fully funded for an expanded drilling program.
  • The drilling program includes four vertical and up to two horizontal wells.
  • The 2026/27 drilling program will begin with the Canyon-3 well.
  • Focus is on the eastern flank of the Taroom Trough.
  • The Queensland Government is supporting the development with streamlined approvals.
  • Omega did not acquire or dispose of any tenements during the quarter.
  • The company holds significant interests in various Surat Basin assets.
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.