• Successful Canyon-1H flow test with exciting results
• Canyon-2 cased-hole logging confirms extensive oil and gas system
• Reservoir modelling and appraisal planning underway

Omega Oil & Gas Ltd (ASX: OMA) reported on its quarterly activities for the period ending 30 June 2025. Key highlights include the successful flow test of the Canyon-1H well, which yielded potentially commercial flow rates of oil and gas, and the completion of the Canyon-2 cased-hole logging program, which confirmed the presence of an extensive oil and gas petroleum system within the Canyon Project area. The company is now focused on reservoir modelling using the data from the Canyon-1H flow test and the Canyon-2 well, as well as planning for further appraisal activities, including 2D seismic acquisition and additional appraisal wells. Analysis of the Canyon-1H flow test data indicates favourable reservoir properties and well performance, and the crude oil yielded from the test is of excellent quality, with an API of 49.5° and negligible impurities. Omega also extinguished a legacy production royalty over its Taroom Trough tenements, providing greater flexibility to pursue the commercialization of these assets. The company's pro forma cash position as of 30 June 2025 was a robust $15.1 million, including a $7.3 million R&D refund received in July 2025.

Omega did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.

Omega is pursuing several key work streams into year-end, including reservoir modelling, the Canyon-2 DFIT program, securing land access for 2D seismic acquisition, and planning for additional appraisal wells. The company is also undertaking studies and discussions with Australian and international operators in the downstream sector regarding pathways to market for both gas and oil.