Quarterly Activities Report and Appendix 5B
| Stock | Omega Oil & Gas Ltd (OMA.ASX) |
|---|---|
| Release Time | 31 Oct 2025, 12:46 p.m. |
| Price Sensitive | Yes |
Omega Oil & Gas Reports Quarterly Activities, Confirms Canyon Potential
- $46m equity placement well-capitalizes Omega for extensive appraisal program
- Reservoir modelling confirms strong commercial potential of Canyon Project
- Planning underway for multiple vertical and horizontal wells to define resource extent
- Signed AMI agreement with Tri-Star and Beach Energy to pursue new Taroom Trough acreage
Omega Oil & Gas Ltd (ASX: OMA) has reported its Quarterly Activities for the period ending 30 September 2025. The company raised $46 million through an equity placement, which was well-supported by existing major shareholders as well as new Australian and international institutional investors. Omega now expects to have over $70 million in available funds to support its extensive appraisal program, anticipated to commence in Q2 2026. Reservoir modelling conducted by SLB confirmed the strong commercial potential of the Canyon Project. Modelling of a single Canyon Sandstone reservoir layer indicates a 10-year Estimated Ultimate Recovery (EUR) of ~0.95 MMBOE or 5.72 BCF of gas equivalent from a modelled 2,000m horizontal well at 1,000m well spacing. Omega's 1,075km2 PCA areas can accommodate up to 418 wells as modelled, with total estimated revenue per well of $93 million. A multi-stage Diagnostic Fracture Injection Test in the Canyon-2 well recorded very high overpressure, a key parameter to support strong production flow rates. Planning is underway for an appraisal program comprising multiple vertical and horizontal wells to define the resource extent and reservoir flow rate potential. Omega has also signed an Area of Mutual Interest agreement with Tri-Star and Beach Energy to pursue new Taroom Trough acreage. The company received a $7.3 million R&D tax refund during the quarter, further boosting its balance sheet.
Based on the reservoir modelling, Omega expects the Canyon Project to have the potential to be a multi-TCF gas resource and a major new oil province. The company is well-capitalised and positioned to advance its appraisal program across multiple reservoir targets over the next 12-18 months.