Omega Oil & Gas (ASX:OMA) Is Up 103.85% in a Year — But Is It Still Worth Watching?

Sonal Goyal

22 October 2026 09:23 PM AEDT

Omega Oil & Gas (ASX:OMA) Is Up 103.85% in a Year — But Is It Still Worth Watching?

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Key highlights

Omega Oil & Gas (ASX:OMA) shares were priced at $0.80 as at 4:10 pm GMT+11 on 22 October 2026, up 1.92% on the day and up 103.85% over a year.
On 21 October 2026 the company said drilling had commenced at Canyon North-1, the first well in the ATP 2081 Joint Venture.
Results from Canyon North-1 are expected in approximately four weeks, with Canyon North-2 planned for the fourth quarter of 2026.

Omega Oil & Gas Ltd (ASX:OMA) shares were priced at $0.80 as at 4:10 pm GMT+11 on 22 October 2026, up 1.92% (up $0.015) on the day, and the share performance data shows the stock up 103.85% over a year. Omega is an exploration company focused on oil and gas resources in Queensland’s Taroom Trough. In an ASX announcement dated 21 October 2026, it said drilling had commenced at Canyon North-1.

About Omega Oil & Gas Ltd: Business overview

Omega Oil & Gas Limited is a Brisbane-based exploration company with a sole focus on unlocking oil and gas resources in the Taroom Trough in Queensland. Its acreage includes the 100%-owned PCA 342, where it has drilled the Canyon wells, and ATP 2081, a joint venture area awarded to an Omega-led group in March 2026 under a Queensland Government petroleum land release. The company describes its 2026/27 appraisal program as fully funded.

Canyon North-1 drilling commences (21 October 2026)

Omega announced that drilling had commenced at Canyon North-1, the third well in its 2026/27 appraisal program and the first well for the ATP 2081 Joint Venture, in which Omega holds 45% and is operator, Tri-Star holds 30% and Beach Energy holds 25%. The well is being drilled with an H&P FlexRig 648, only seven months after the area was awarded.

The company said Canyon North-1 is designed to show the extension of its play north of the PCA areas, and is located about 6 km from and 250 m updip of the Tasmania-1 well drilled in 2012, which penetrated the same Permian reservoirs and cored the Canyon Sandstone.

Canyon-4 result and upcoming milestones

The announcement referred to the earlier Canyon-4 result of 12 October 2026, which delivered a 589 m gross oil and gas-bearing Permian sequence with 197 m of aggregate net pay. Omega listed next steps: Canyon North-1 results in approximately four weeks, Canyon North-2 in the fourth quarter of 2026, an upgraded resource assessment targeted for the first quarter of 2027, and one to two horizontal wells with flow testing in the first half of 2027.

Related sector context

Early-stage oil and gas explorers are influenced by drilling and appraisal results, joint venture arrangements, regulatory approvals and funding rather than by production revenue. Announcements typically cover well progress, results timetables, resource assessments and testing programs, and shares of small developers can move sharply on modest volumes.

Risks to weigh in

Appraisal wells can return results that differ from earlier wells, and drilling programs depend on rig availability, weather, regulatory approvals and joint venture arrangements. Resource assessments and flow testing carry technical uncertainty, and commercial development would require further funding and approvals. Omega has no production revenue, and its shares can move sharply on well results and trading volumes.

Catalysts on watch

Canyon North-1 results, expected in approximately four weeks from the 21 October 2026 announcement.

Drilling of Canyon North-2 in the fourth quarter of 2026.

The upgraded resource assessment targeted for the first quarter of 2027 and flow testing of horizontal wells in the first half of 2027.

Final word

Omega’s historical share performance data shows a one-year gain of more than 100%, while its latest announcement sets out a sequence of appraisal wells and a resource assessment timetable. The coming well results will show how the play develops.

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