• Omega executes binding agreement to acquire 19.43% equity interest in Elixir Energy for $13.9 million
• Omega and Nero Resource Fund to further invest $2.68 million in Elixir, subject to shareholder approval
• Acquisition provides Omega exposure to the western flank of the Taroom Trough, additional data, and rights/controls including up to two directors

Omega Oil & Gas Ltd (ASX: OMA) has entered a binding term sheet to acquire a 19.43% equity interest in Elixir Energy Limited (ASX: EXR) via a $13.9 million placement of new shares. Omega and Nero Resource Fund have also agreed to subscribe for a combined $2.68 million in a second tranche placement, subject to Elixir shareholder approval. The transaction provides Omega significant exposure to the western flank of the Taroom Trough, additional data to enhance basin knowledge, and exposure to Elixir's planned Lorelle-3 horizontal well in early 2026. Omega will also gain rights and controls including up to two director nominations, participation in technical committees, and equity participation rights in future capital raisings. Omega's investment requires Elixir to use the funds for horizontal well activities, including flow testing on ATP 2056 and other permit work commitments. Omega's core focus remains its 100% owned Canyon Project in the eastern Taroom Trough, with an extensive 2026/27 appraisal drilling program planned. Following the transaction, Omega remains well capitalised with over $55 million of funds available to support its growth plans.

Omega expects to have access to over $55 million of funds available to support its 2026/27 Canyon Project appraisal and growth program.

The next 12 to 18 months are poised to be pivotal for the Taroom Trough, with increasing drilling activity in the region. Omega's investment in Elixir provides exposure to a potentially significant near-term well at Lorelle-3, which has the potential to provide important technical information to understand the commercial potential of this play.