• Strong institutional demand materially exceeds expectations for capital raise
• Accelerated appraisal targeting early production with horizontal wells and extended flow testing
• Upgraded drilling program to deploy full-scale, 'US-style' well design to demonstrate commercial flow potential

Omega Oil & Gas Ltd (ASX: OMA) has received firm commitments to raise A$60.0 million through an institutional placement to fund an upgraded 2026/27 drilling program in the Taroom Trough, Queensland. The placement was strongly supported by both existing and new institutional and sophisticated investors, including major shareholders Ilwella Pty Ltd and Tri-Star Group. The funds will be used to drill four vertical wells to characterize the reservoir properties and scale of the play, as well as one or two 5½ inch, 2,000m horizontal wells with stimulation and 6-month flow testing. This upgraded program is designed to de-risk the play, evidence the scale of the play fairway, and demonstrate repeatable, commercial flow rates using the US industry standard well design. The program is aligned with the Queensland Government's facilitation of rapid basin development, with the Taroom Trough designated a 'Prescribed Project' to streamline approvals and infrastructure development. Omega is well-positioned with a large, strategically located acreage position and a clear pathway to market. The placement strengthens Omega's balance sheet and provides the funding to execute this critical program, which is expected to commence in June 2026 and deliver an initial resource upgrade and reserves estimate in 4Q 2026, followed by further assessment in 2027.

Omega is rapidly progressing an asset of internationally significant scale with multi-decade production potential. The company is well-positioned to capture growth opportunities as they arise in the structurally short domestic gas market and long-dated LNG demand environment, where energy security is driving the need for new supply.