Omega Oil & Gas inks ‘significant’ drilling contract with internationally renowned rig operator

Omega Oil & Gas (ASX:OMA) has signed a binding contract with internationally renowned rig operator Helmerich & Payne (H&P) in the lead-up to a critical drilling program at the emerging Taroom Trough play in Queensland.

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H&P will supply specialist land drilling rig FlexRig 648 for Omega’s extensive 2026–27 Canyon project appraisal program. Omega chief and managing director Trevor Brown said the rig will be a key piece of equipment in what is shaping up as a busy year for drilling campaigns across the Taroom Trough.

“Omega is pleased to enter this significant contract with H&P for our Taroom Trough program, utilising one of their ‘state-of-the-art’ rigs along with H&P’s global expertise and extensive unconventional experience,” he said.

“With basin-wide drilling in the Taroom Trough during 2026 and our multi-well campaign fast approaching, Omega is entering an exciting growth phase.”

Mr Brown continued: “We believe that our upcoming program, scheduled to commence in May 2026, will further de-risk this exciting play and demonstrate the vast scale of the Taroom Trough’s oil and gas resources.”

At least eight wells are expected to be drilled by three different operators across both the western and eastern flanks of the Taroom Trough during 2026 using FlexRig 648.

Omega’s Canyon project drilling program is scheduled to commence in May, aimed at delineating the quality of the company’s resource and reserve base. Once started, the program will appraise the large, emerging Permian unconventional oil and gas play on the eastern flank of the Taroom Trough.

“If successful, this area could help underpin Australia’s energy security, economic security and liquid fuel security for decades,” Mr Brown said.

The rig contract is initially for three firm wells and six optional wells, allowing for a combination of vertical and horizontal wells.

“Subject to permitting, Omega plans to, and is fully funded to, drill at least four wells in our expanded 2026/27 program – a minimum of two wells on our existing PCA areas, and two wells on the recently awarded ATP 2081, realising the cost and efficiency benefits of a continuous campaign. Omega also maintains options to drill further horizontal and vertical wells,” Mr Brown said.

Omega is cashed up for a multi-well program with access to approximately $54 million.

OMA is steady at 57.5c. Mkt cap $269.1M.

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