Omega Oil & Gas (ASX:OMA) Advances Queensland Gas Portfolio With Growing Moranbah Reserves and Production Plans

Aditi Sarkar

30 October 2026 07:52 PM AEDT

Omega Oil & Gas (ASX:OMA) Advances Queensland Gas Portfolio With Growing Moranbah Reserves and Production Plans

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Highlights

Moranbah Gas Project in Queensland's Bowen Basin progressing toward commercial production
Updated gas resource estimates demonstrating resource growth from ongoing exploration activity
East Coast gas market tightness supports premium pricing outlook for new Queensland gas supply
Proximity to existing gas infrastructure reduces development capital requirements

Omega Oil & Gas Limited (ASX:OMA), trading at A$0.83 as at 30 October 2026, is a Queensland-focused natural gas explorer and developer targeting coal seam gas and conventional gas resources in the Bowen Basin, a proven hydrocarbon province in central Queensland with established infrastructure connections to the East Coast gas market where demand for domestic gas supply has remained structurally elevated.

Moranbah Gas Project: Core Asset

The Moranbah Gas Project is Omega Oil & Gas's flagship exploration and development asset, located in the Bowen Basin in central Queensland near the township of Moranbah. The project targets coal seam gas resources within the Permian-age Moranbah Coal Measures, which underlie a large part of the Bowen Basin and have been proven to host commercial CSG resources at nearby producing operations. Omega's technical work program has included seismic acquisition, geological mapping, and pilot well drilling to assess CSG permeability and dewatering characteristics. The Company has been progressively building its geological and reservoir understanding of the Moranbah fairway through its exploration program. Updated resource estimates released during 2025 and 2026 have demonstrated resource growth as additional wells and seismic data have refined the geological model.

East Coast Gas Market: Demand Supports Development

The structural tightness in the Eastern Australian gas market has been a consistent theme for Queensland gas explorers and developers for several years. Industrial gas users and power generators in New South Wales, Victoria, and South Australia have faced supply constraints and elevated prices as legacy Bass Strait and Cooper Basin fields decline and LNG export commitments from the Queensland Curtis Island facilities constrain domestic supply availability. New sources of Queensland domestic gas supply are therefore commercially attractive, particularly for developers with projects located near existing pipeline infrastructure that can avoid the capital cost of new trunk pipeline development. Omega Oil & Gas's management has highlighted the East Coast gas market opportunity as a core commercial rationale for the Moranbah project development.

Infrastructure Proximity and Development Pathway

One of the key advantages of the Moranbah Gas Project is its location in close proximity to existing gas gathering and transmission infrastructure in the Bowen Basin region. The area is serviced by existing pipeline corridors that were developed in connection with nearby coal seam gas production operations, and Omega has been evaluating connection options that would allow commercial gas production from the Moranbah project to be delivered into the East Coast gas market without the need for major new pipeline infrastructure investment. A lower capital development model reduces the funding requirement for first gas and accelerates the timeline to commercial production and cash flow generation.

Exploration Pipeline and Corporate Activity

Beyond the Moranbah Gas Project, Omega Oil & Gas holds additional exploration permits across the Bowen Basin that provide exploration upside if the Moranbah program is successful. The Company has also been active in maintaining a lean corporate cost structure appropriate for an exploration-stage gas company, with management focused on preserving cash for the technical work programs that will determine the commercial development pathway for the Moranbah resource. Omega's share register includes a mix of institutional and retail investors attracted to the Company's leverage to Queensland gas supply development and the East Coast gas price environment.

FAQs

Q: What gas project is Omega Oil & Gas developing?

A: Omega Oil & Gas is developing the Moranbah Gas Project in Queensland's Bowen Basin, targeting coal seam gas resources in the Permian-age Moranbah Coal Measures. The project aims to supply gas into the East Coast gas market.

Q: Why is East Coast gas demand relevant to Omega Oil & Gas?

A: The East Coast Australian gas market has been structurally tight due to declining legacy fields and LNG export commitments from Queensland. New domestic gas supply from Queensland projects like Moranbah attracts premium pricing, supporting the commercial case for development.

Q: What is the advantage of Moranbah's location for development?

A: The Moranbah Gas Project is located near existing gas pipeline infrastructure in the Bowen Basin, reducing the capital required for first gas connections to the East Coast market and supporting a lower-cost development model relative to more remote projects.

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