Omega Oil & Gas kicks off key new Taroom Trough well at Canyon-4

• Drilling underway at Canyon-4 in Taroom Trough
• Second well in Omega’s fully funded 2026/27 appraisal program
• Located south of highly successful Canyon-3 well
• Drilling campaign aims to confirm eastern Taroom Trough acreage area potential

Omega Oil & Gas (ASX: OMA) has kicked off the next key well aimed at confirming the world-class unconventional oil and gas potential of the Taroom Trough in Queensland.

Drilling operations have commenced at Canyon-4, the second well in its play- defining 2026/27 appraisal program using the specialist H&P FlexRig 648.

Canyon-4 follows the drilling of Omega’s highly successful Canyon-3 well, which has confirmed Omega’s understanding of the continuous nature of the highly prospective, oil and gas-bearing Permian interval on the eastern flank of the Taroom Trough.

Canyon-3 intersected a 526m thick, oil and gas-bearing Permian interval with 170m of aggregate net pay across six stacked, regionally correlatable reservoirs, with the Canyon Sandstone primary target 14% thicker and with 55% higher average porosity than in the equivalent interval in the Canyon-1 well.

CEO and MD, Trevor Brown, said Canyon-3 also identified an additional high-quality, gas and condensate-bearing interval in the Lower Kianga Sandstone.

“Following the outstanding results achieved in our recently completed Canyon-3 well, we are pleased to have commenced drilling at Canyon-4, the second well in our play-defining Taroom Trough appraisal campaign,” Mr Brown said.

“Canyon-3 results exceeded our pre-drill expectations, confirming the continuous nature of the reservoir system and the presence of thicker, higher quality sands than in Canyon-1.

“Canyon-3 also highlighted an additional, attractive reservoir interval in the Lower Kianga Sandstone.”

Mr Brown said Canyon-4 is positioned to provide further evidence of the vast scale of the oil and gas resources across our eastern Taroom Trough acreage.

“We look forward to sharing Canyon-4 results around the end of September as we continue to systematically evaluate the huge commercial potential of our acreage and progress our assets.”

Located approximately eight km south of Canyon-3, Canyon-4 will evaluate a highly over-pressured, stacked sequence of Permian oil and gas-bearing, sandstone reservoir intervals. The top of the Permian section is expected at approximately 3,200m measured depth and to be approximately 100m updip from Canyon-3. The primary target is the Canyon Sandstone, and the primary objective of the well is to test the continuity and quality of the Permian reservoir system and the hydrocarbon phase distribution within Omega’s PCA areas.

OMA was up 0.68% to 74.0¢. Mkt cap $397.1M.

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