Omega Oil and Gas begins drilling Canyon-4 appraisal well after exceeding expectations at Canyon-3

Omega Oil and Gas, trading on the ASX as OMA, initiated drilling of the Canyon-4 appraisal well at its Taroom Trough acreage in Queensland. This marks the beginning of a fully funded program intended to verify oil and gas potential across its tenure. The project follows the completion of the Canyon-3 well, located approximately 8km away, which delivered results surpassing pre-drill forecasts. Drilling records indicate Canyon-3 intersected a 526m thick Permian interval containing 170m of net pay from six stacked reservoirs. Geological data shows this formation was 14% thicker and possessed 55% greater average porosity than the corresponding layer drilled in the previous year's play-opening well, Canyon-1H. The company aims for end-of-September results to confirm continuous reservoir properties within the 1800km2 land area. This current campaign relies on horizontal drilling and fracture stimulation technology proven effective during the 2024/25 program to achieve strong flow rates from deep sandstone reservoirs.