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Omega Oil and Gas (ASX:OMA) is heading up an international joint venture that’s now preparing for major exploration at the “red hot” Taroom Trough in Queensland. A leading player in the trough, Omega (with a 45% interest and operatorship), is being joined by Australia’s Beach Energy (ASX:BPT) (at a quarter) and Houston-headquartered Tri-Star E&P Ltd (30%) in permits PLR2025-1 to nine.
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Omega chief Trevor Brown today said he and the Omega team welcomed the award of the new extensive acreage position in the Taroom Trough and the partnership with a strong, fast-moving joint venture partners.
“The newly awarded acreage area is contiguous with our existing Canyon project area, in a geologic province we understand well, situated close to existing infrastructure,” Mr Brown told shareholders on Tuesday.
“Our entire operated acreage position is within a proven, prolific hydrocarbon system with enormous upside potential for both oil and gas.”
With global giants such as Shell and local companies such as Santos (ASX:STO), Omega, and Elixir Energy (ASX:EXR) all involved, work to date suggests the Taroom Trough may be host to internationally significant volumes of oil and gas with similar geological characteristics to the most prolific, unconventional producing basins in the U.S.
“We’ve built Omega to move fast, and this award gives us a clear runway to rapidly appraise the area and create significant value,” Mr Brown said. “We thank the Queensland gov’t for releasing new acreage… to deliver much-needed new gas supply to the East Coast and new oil to meet Australia’s need for liquid fuels.”
All gas produced from PLR2025-1-9 is designated to be sold into the domestic market.
OMA was up +6.98%, to 46cps.
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