Quarterly Activities Report and Appendix 5B

• Omega acquires 19.43% stake in Elixir Energy, expanding footprint in Taroom Trough
• Substantial 2026 drilling campaigns planned across Taroom Trough, targeting gas and liquids
• Omega well-capitalized with $54 million to execute its 2026/27 Canyon Project appraisal program

Omega Oil & Gas Ltd (ASX: OMA) has completed a $14.6 million investment in Elixir Energy Limited (ASX: EXR), acquiring a 19.43% equity interest. This strategic transaction expands Omega's footprint, enhances its influence, and provides exposure to the western flank of the Taroom Trough, a province Omega believes is poised for significant value creation in 2026. Omega has nominated two directors to the Elixir Board to support disciplined capital deployment, operational execution, and value creation. Omega's 2026 drilling campaigns across the Taroom Trough will target both gas and liquids, utilizing the Helmerich & Payne (Australia) Pty Ltd FlexRig 648. On the western flank, the Lorelle-3 well operated by Elixir has commenced drilling. On the eastern flank, Omega's extensive 2026/27 appraisal program, comprising three firm wells and four optional wells, is scheduled to commence in May 2026. This program aims to delineate the quality and extent of multiple 'stacked' reservoir levels, identify 'sweet spots', and mature Omega's resource and reserve base. Omega is well-capitalized with access to approximately $54 million, inclusive of expected R&D refunds, to support the execution of its 2026/27 Canyon Project appraisal and growth program.

Omega is well-positioned to de-risk and define large new gas volumes for the Eastern Australian gas market and drive long-term value creation for shareholders.