Omega Oil & Gas has highest gas shows to date in Queensland’s deepest well

• Extremely high gas shows consistently seen while drilling Muggleton Formation
• Deepest well ever drilled in Queensland at Canyon North-1
• JV elected to continue drilling beyond originally planned depth of approximately 4,000m MD
• Encouraging results previously recorded over this interval at Canyon-42

Omega Oil & Gas (ASX: OMA) has achieved significant early success with drilling at the Canyon North-1 well in the Taroom Trough in Queensland.

Queensland’s deepest well, Canyon North-1, has reached total depth (TD) of 4,700m in basement, drilled using the specialist H&P FlexRig 648.

Drilling has taken longer than initially indicated as the joint venture elected to continue deepening the well beyond the originally planned TD of approximately 4,000m.

The decision to deepen the well was based on the encouraging results recorded over the Muggleton Formation in the Canyon-4 well in Omega’s 100%-owned PCA 342, together with the high gas shows recorded from the deeper sections in Canyon North-1.

“Canyon North-1 is the deepest well ever drilled in Queensland and it has delivered the highest gas shows we have recorded to date,” MD and CEO, Trevor Brown, said.

“Canyon North-1 is the deepest well ever drilled in Queensland and it has delivered the highest gas shows we have recorded to date.

“The decision to take the well deeper and fully test the Muggleton interval has proven successful. Gas influx at these levels from unstimulated rock, in a well this deep and this over-pressured, strengthens our conviction that the Taroom Trough hosts a very large, regionally extensive petroleum system,”

Mr Brown told shareholders that, together with the Canyon-4 results, the latest success adds to a growing body of evidence across the company’s acreage.

“Our focus now is on executing the wireline logging program, followed by drilling Canyon North-2 in 4Q 2026, and our horizontal appraisal and flow testing program in 1H 2027. The coming months are among the most important in Omega’s journey and we look forward to sharing the results.

“Gas influx at the Muggleton levels from unstimulated rock, in a well this deep and this over-pressured, strengthens our conviction that the Taroom Trough hosts a very large, regionally extensive petroleum system.

“Together with the Canyon-4 results, this adds to a growing body of evidence across our acreage. Our focus now is on executing the wireline logging program, followed by drilling Canyon North-2 in 4Q 2026, and our horizontal appraisal and flow testing program in 1H 2027. The coming months are among the most important in Omega’s journey and we look forward to sharing the results.”

Since reaching TD, gas influx into the wellbore while drilling the unstimulated Muggleton Formation was required to be flared off at surface in a controlled manner,

Operations are currently focussed on preparing the well for the safe acquisition of a comprehensive wireline suite over the entire Permian sequence including the Canyon Sandstone and Lower Kianga Formation.

OMA was up 5.04% to 73c with a market cap of $375.8M.

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