Highlights

  • Omega Oil & Amp ; Gas (ASX:OMA) closed at AUD 0.52 on 10 August 2026, down 4.63% or AUD 0.025 during the session.
  • The company commenced drilling Canyon-3 on 31 July 2026 as part of a four-well appraisal program.
  • Canyon-1H recorded a normalised production rate of 987 barrels of oil per day and 1.45 million standard cubic feet of gas per day.
  • Omega has secured funding for its 2026–27 appraisal campaign following Capital raisings totalling approximately AUD 106 million.

Omega Oil & Gas (ASX:OMA) is advancing its Taroom Trough oil and gas exploration strategy within Queensland’s Bowen Basin through appraisal drilling and resource evaluation activities.

The company’s Canyon Project is focused on evaluating deep oil and gas potential across its acreage position, with current activities centred on confirming reservoir characteristics and assessing future development potential.

Omega Oil & Gas closed at AUD 0.52 on 10 August 2026, down 4.63% or AUD 0.025 during the session. The company continues progressing its appraisal campaign, with Canyon-3 representing the next major operational milestone.

Canyon-3 Appraisal Well Underway

Omega commenced drilling Canyon-3 on 31 July 2026 as the first well in a four-well vertical appraisal program.

The well is located approximately 10 kilometres south-east of Canyon-1H and is targeting the Canyon Sandstone and stacked Permian reservoirs.

Canyon-3 is being drilled to approximately 3,900 metres measured depth, with the Permian section expected to commence near 3,200 metres.

The company expects Canyon-3 results in late August 2026, with additional vertical wells planned at approximately monthly intervals.

The appraisal campaign also includes potential horizontal wells extending up to 2,000 metres, subject to results and land access.

Canyon-1H Provides Existing Flow Data

A key part of Omega’s exploration strategy is based on results from the Canyon-1H well.

The well delivered a normalised production rate of 987 barrels of oil per day and 1.45 million standard cubic feet of gas per day, based on a 2,000-metre horizontal section.

Previous drilling identified five hydrocarbon-bearing Permian layers, with Canyon Sandstone continuity mapped across more than 40 kilometres.

At Canyon-2, located approximately 15.7 kilometres from Canyon-1, the company identified a thicker and higher-quality equivalent sandstone pay interval and completed diagnostic fracture injection testing to collect geomechanical and pressure data.

Fully Funded Appraisal Campaign

Omega Oil & Gas (ASX:OMA) has secured funding to support its 2026–27 drilling program.

The company raised AUD 46.0 million in September 2025 and completed an additional Placement in April 2026, raising AUD 60 million above its initial AUD 50 million target.

The drilling campaign is being conducted using a Helmerich & Payne FlexRig 648 heavy-duty rig.

The company also has a joint venture structure over PLR2025-1-9 in the Bowen Basin, covering approximately 750 square kilometres.

The acreage is held by Omega with a 45% interest, Beach Energy with 25%, and Tri-Star E&P with 30%.

Resource Evaluation and Development Potential

Omega’s longer-term strategy involves evaluating the scale of its Taroom Trough resources.

Modelling by SLB indicates that an area of approximately 200 square kilometres could support around 75 horizontal development wells, with each 2,000-metre well potentially recovering approximately 0.95 million barrels of oil equivalent over a ten-year period.

These figures are modelled estimates and are subject to further appraisal, resource assessment and future development studies.

The upcoming drilling program is designed to determine whether the reservoir characteristics observed in earlier wells extend across the broader project area.

Queensland Domestic Energy Opportunity

Omega operates within the Queensland energy sector, where domestic gas Supply and fuel security remain key policy considerations.

The company has positioned the Taroom Trough project as a potential contributor to future domestic energy supply.

The project’s location within the Bowen Basin provides access to established energy infrastructure, which may support future commercialisation considerations.

However, converting exploration success into commercial production requires further technical evaluation, approvals, infrastructure planning and Investment .

Outlook

Omega Oil & Gas’ near-term focus is on Canyon-3 drilling results, follow-up appraisal wells and updated resource assessments expected later in 2026. Key milestones include confirming reservoir continuity, evaluating flow performance and progressing potential horizontal development opportunities. The company’s future pathway depends on drilling outcomes, technical studies, funding management and successful conversion of exploration results into commercially viable resources.