Omega Oil and Gas (ASX:OMA) joins the ASX, completes well testing

• Omega Oil and Gas (OMA) has joined the ASX today following a $15.07 million IPO
• The Australian junior oil and gas company has assets within Queensland’s Surat Basin, including two exploration permits where it’s planning a drilling program
• Omega Oil and Gas also owns the PL 17 licence, which covers the Bennett and Leichardt oil fields
• On its first day of trade, the energy stock announced that two Bennet wells had shown they were capable of flowing at sufficient rates to warrant long-term production
• OMA shares have ended the day down 7.5 per cent at 18.5 cents

Omega Oil and Gas (OMA) has officially joined the ASX as its newest energy stock.

The Australian company was admitted to the ASX on October 21 following a $15.07 million IPO in which it issued 75.35 million shares at 20 cents per share.

Omega Oil and Gas, a junior oil and gas player, is exploring the ATP 2037 and ATP 2038 exploration permits, which cover 250,000 acres in the Surat Basin of South East Queensland.

Omega is currently planning a drilling program for Permian Deep gas targets in the permit areas.

The company also owns the PL 17 licence, which covers 105 square kilometres and includes the Bennett and Leichardt oil fields in the Surat Basin.

During its first day of trade, the energy stock announced it had finished testing the Bennett-1 and Bennett-4 wells within the Bennett oil field.

The company conducted this well testing phase to confirm whether it was feasible to reinstate production from the Bennett field.

Results showed that both Bennett wells were in good condition and were capable of flowing at sufficient rates to warrant long-term production.

Managing Director Lauren Bennett said the testing results were “extremely pleasing”.

“The results affirm Omega’s reserves position and, as we gather more data in the coming months the Omega team will review and update the PL17 oil reserves and contingent resources,” she said.

Omega Oil and Gas said it expected to provide an update on PL17 in the next few months.

OMA shares ended the day down 7.5 per cent to close at 18.5 cents.