Omega Oil & Gas spinning the bit at Canyon North-1 in Taroom Trough

• Third well in fully funded 2026/27 appraisal program
• First well for the ATP 2081 JV with Tri-Star and Beach Energy
• Canyon North-1 follows recent Canyon-4 which delivered a 589m gross oil and gas-bearing sequence
• Well designed to demonstrate extension of play north of Omega’s PCA areas

Omega Oil & Gas (ASX: OMA) has begun the next stage of a major program to prove up the potential petroleum riches of the Taroom Trough in Queensland with drilling underway at Canyon North-1.

The third well in the company’s 2026/27 appraisal program, Canyon North-1 comes hot-on-the-heels of the highly successful Canyon-4 which delivered Omega’s best Canyon drilling result to date, intersecting a 589m gross oil and gas-bearing Permian sequence with 197m of aggregate net pay.

Average log porosity in the primary Canyon Sandstone target increased from 7.4% at Canyon-1 to 12.1% at Canyon-4.

Canyon North-1 is located approximately six km from, and 250m updip of, the Tasmania-1 well, drilled in 2012. Tasmania-1 penetrated the same Permian reservoirs targeted by the Canyon wells and the Canyon Sandstone demonstrates continuous geology from the Canyon wells to Tasmania-1, correlating a further approximately 40km northwest to Fantome-1.

CEO, Trevor Brown, said Omega is building on the results from Canyon-3 and Canyon-4 within the PCA focus area.

“Canyon-4 delivered the thickest sequence, most net pay, and highest reservoir quality of any Canyon well to date. With continuity now demonstrated across our PCA acreage, Canyon North-1 takes our campaign into ATP 2081 to test how far the play extends to the north,” Mr Brown said.

“This is our first well in the ATP 2081 joint venture and we are pleased to be drilling it alongside our partners Tri-Star and Beach Energy.

“Canyon North-1 is positioned to provide further evidence of the regional scale of the oil and gas resources across our eastern Taroom Trough acreage.”

Mr Brown said the entire, consistent, regionally-extensive Permian sequence will be tested, including the Canyon Sandstone, Lower Kianga and other reservoir intervals.

He told shareholders the primary objective of the well is to characterise the reservoir quality and hydrocarbon phase and to test the extension of the Permian reservoir system north of Omega’s PCA areas.

The well will be drilled to total depth of approximately 4,000m and logged with a comprehensive wireline suite.

OMA is up 2.88% to 71.5¢. Mkt cap $375.8M.

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