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Omega Oil & Gas Limited (ASX:OMA)

ALERT: Price-sensitive ASX Announcement for OMA
Current share price for OMA : $0.800 0.26 (48.15%)+
Announcement
Release
31 Jul 2026 8:36AM
Price at Release
$0.540
Full Release
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Summary
Omega Oil & Gas Limited has commenced its 2026/27 appraisal program with the drilling of Canyon-3, the first of a series of wells designed to evaluate the commercial potential of the Permian unconventional oil and gas play in the eastern Taroom Trough, Queensland. This fully funded program, utilizing the H&P FlexRig® 648, aims to build on the success of previous drilling at Canyon-1H, which demonstrated strong flow rates. By drilling four vertical wells followed by horizontal wells, Omega seeks to confirm the continuity of productive reservoir intervals, optimize future well placements, and eventually underpin a significant contingent resource booking. The presence of significant overpressure in the reservoirs is expected to enhance hydrocarbon recovery, contributing towards future commercial development.
Key Points
  • Omega Oil & Gas Limited is commencing its 2026/27 appraisal program with the drilling of Canyon-3.
  • The program aims to evaluate the Permian unconventional oil and gas potential in the eastern Taroom Trough.
  • Canyon-3 is the first of four vertical wells planned, to be followed by up to two horizontal wells.
  • The appraisal program uses the H&P FlexRig® 648, designed for long-reach horizontal drilling.
  • Prior success at Canyon-1H demonstrated strong oil and gas flow rates from the Canyon Sandstone interval.
  • The program is fully funded and aims to de-risk and demonstrate the commercial potential of the area.
  • There is potential for significant reservoir overpressure, enhancing hydrocarbon storage and production.
  • The results will guide the placement and design of future wells and resource development.
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.