• Extensive new acreage position of 750 sq km in the Taroom Trough
• Omega-led joint venture with Tri-Star E&P (30%) and Beach Energy (25%)
• Significant expansion of Omega's operated acreage, now 5,041 sq km
• Planned 2026 drilling campaign to appraise multiple stacked reservoirs

Omega Oil & Gas Ltd has been awarded a large new acreage area of 750 sq km in the Taroom Trough in Queensland, Australia. The new acreage, designated as PLR2025-1-9, is located immediately north of Omega's existing Potentially Commercial Areas (PCAs) that cover 1,046 sq km. This significantly expands Omega's operated acreage position over the prime, highly prospective eastern flank of the Taroom Trough to a total of 5,041 sq km - the largest acreage position in the basin. The new acreage was awarded to a joint venture comprising Omega (45% and Operator), Tri-Star E&P Ltd (30%), and Beach Energy Limited (25%). This partnership combines companies with complementary technical expertise, balance sheet strength, and execution capability to rapidly appraise the new acreage. Omega will immediately commence preparatory work to incorporate drilling on PLR2025-1-9 within an expanded 2026/27 drilling program, building on its previous exploration successes in the Taroom Trough. The program will focus on appraising the extent of five major reservoir intervals across Omega's extensive acreage. Omega is well-funded for the four-well program, with access to approximately $54 million. The award of PLR2025-1-9 marks both Beach Energy's entry into the Taroom Trough and Tri-Star taking a 30% working interest in the new acreage in addition to its equity shareholding in Omega. The partners believe the Taroom Trough has the potential to become a meaningful new source of domestic oil and gas supply for Australia.

Omega is well funded for a four-well drilling program in 2026/27, with access to approximately $54 million inclusive of expected R&D refunds. Omega will fund 45% of costs in the new PLR2025-1-9 acreage.

Omega's 2026 appraisal program across its existing PCA areas and the new PLR2025-1-9 acreage is designed to delineate the quality and extent of multiple, 'stacked' reservoir levels, identify 'sweet spots', and mature Omega's resource and reserve base, positioning the company to emerge from 2026 with a clear pathway to development and a step-change in scale and value.