• Omega executes contract with Helmerich & Payne (H&P) for FlexRig® 648 to undertake 2026/27 drilling program
• Program will appraise large, emerging Permian unconventional oil and gas play on eastern flank of Taroom Trough
• Rig contract includes three firm wells and six optional wells, allowing for vertical and horizontal wells

Omega Oil & Gas Ltd (ASX: OMA) has executed a binding contract with Helmerich & Payne (Australia) Drilling Pty Ltd (H&P) for the provision of a high-specification land drilling rig (Rig 648) to support Omega's extensive 2026-27 Canyon Project appraisal program in the Taroom Trough. The Taroom Trough is emerging as a major new oil and gas province, with highly attractive geology on the eastern flank containing five stacked Permian reservoir layers across a large area. Omega's program 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. The rig contract is for three firm wells and six optional wells, allowing for a combination of vertical and horizontal wells. Omega plans to drill at least four wells in the expanded 2026/27 program, with a minimum of two wells on its existing PCA areas and two wells on the recently awarded ATP 2081. H&P, with vast experience in US unconventional drilling, will provide a 'state-of-the-art' rig and key personnel, supported by H&P's global technical support team.

Omega has a contingent resource booked of 0.4-1.7-4.5 TCFE (1C-2C-3C) across the top three of five reservoir layers within the Canyon Project area. Independent modelling indicates that a single Canyon Sandstone reservoir layer could deliver a 10-year Estimated Ultimate Recovery (EUR) of ~0.95 MMBOE or 5.72 BCF of gas equivalent from a single 2,000m horizontal development well at 1,000m well spacing.

Omega's upcoming 2026/27 drilling program, scheduled to commence in May 2026, will further de-risk the exciting Taroom Trough play and demonstrate the vast scale of the region's oil and gas resources. The program aims to delineate reservoir and resource distribution over a broad area, identify 'sweet spots', and mature Omega's resource and reserve base, positioning the company for development and a step-change in scale and value.