OMA signs Binding Letter of Intent with H&P Drilling Program
Key points
- Binding LOI signed with H&P for Omega's Taroom Trough Appraisal Program
- Rig contract will comprise three firm wells and four optional wells
- Rig scheduled to commence Omega program in mid-May 2026
- Omega has over $70 million of funds available to support the appraisal program
Full summary
Omega Oil & Gas Ltd has signed a binding Letter of Intent with Helmerich & Payne (Australia) Drilling Pty Ltd (H&P) for the provision of Rig 648 (super spec FlexRig®) for Omega's Taroom Trough appraisal program of the promising Permian unconventional gas and liquids play (Canyon Project). The rig contract will comprise three firm wells and four optional wells, providing flexibility for a continuous program as Omega continue to de-risk the subsurface. The rig is scheduled to commence Omega's program in mid-May 2026. The Canyon Project has a contingent resource booked from 0.4-1.7-4.5 TCFE (1C-2C-3C), with the potential to unlock substantial gas resources supporting domestic energy security and future LNG opportunities. The appraisal program will focus on unlocking the significant upside potential from the Canyon Sandstone and four other yet-untested reservoir intervals, aiming to define the reservoir distribution, reservoir quality, and fluids contained within each reservoir layer. Omega is well capitalised and expects to have over $70 million of funds available to support the appraisal program.
Summary generated by a large language model. Please interpret with care.