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Omega Oil & Gas Limited (ASX:OMA)

ALERT: Price-sensitive ASX Announcement for OMA
Current share price for OMA : $0.745 -0.105 (-12.35%)+
Announcement
Release
17 Sep 2026 9:36AM
Price at Release
$0.850
Full Release
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Summary
Omega Oil & Gas Limited announced that an Omega-led joint venture comprising Omega (45% and operator), Tri-Star E&P Ltd (30%) and Beach Energy Limited (25%) has been selected by the Queensland Government as preferred tenderer for petroleum land release area PLR2026-1-10 in the Taroom Trough, Southern Queensland. The 1,138 km² acreage adjoins Omega’s Canyon Project area, expands Omega’s operated acreage by 63% from 1,809 km² to 2,947 km², and is considered highly prospective because it is interpreted to continue the eastern flank fairway and the six stacked Permian reservoir intervals identified across Omega’s existing acreage, with additional new play types and favourable over-pressured reservoir conditions expected to improve well deliverability. The company said the award strengthens its basin-scale position, increases its inventory of drilling and appraisal opportunities, supports future resource growth and aligns with the Queensland Government’s Taroom Trough Development Plan, while tenure grant remains subject to completion of government processes; meanwhile, Omega’s 2026/27 appraisal campaign remains on schedule, including Canyon-4 and a planned program of four vertical wells and one or two horizontal wells, with permitting, land access and future appraisal planning to commence following formal acceptance of the new acreage.
Key Points
  • Queensland Government selected the Omega-led joint venture as preferred tenderer for PLR2026-1-10 in the Taroom Trough.
  • The joint venture interests are Omega 45% and operator, Tri-Star E&P Ltd 30%, and Beach Energy Limited 25%.
  • The awarded area covers 1,138 km² in the southern and eastern flank of the Taroom Trough adjoining Omega’s Canyon PCA area.
  • Omega’s operated acreage increases by 63% from 1,809 km² to 2,947 km².
  • The acreage is interpreted to extend the eastern flank fairway and six stacked Permian reservoir intervals already identified on Omega’s existing acreage.
  • The area also offers exposure to additional new play types and multiple future development targets.
  • The acreage lies within an over-pressured part of the basin, which may support improved well deliverability.
  • Omega said the award strengthens its long-term drilling and appraisal inventory and supports basin-scale development ambitions.
  • Tenure grant is still subject to completion of Queensland Government processes.
  • Omega’s 2026/27 appraisal campaign is continuing on schedule, including Canyon-4 and a program of four vertical wells and one or two horizontal wells.
  • Following formal acceptance, the joint venture plans to begin permitting, land access activities and scheduling of future appraisal work.
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.