• Powerful structural tailwinds accelerating Omega's pathway to development
• Expanded acreage position in Taroom Trough with multi-TCFE gas and liquids resource potential
• Upgraded, continuous drilling program to further de-risk the play and demonstrate commercial flow rates

Omega Oil & Gas is a dynamic Australian E&P company focused on unlocking oil and gas resources in Queensland's Taroom Trough. The company has rapidly expanded its acreage position in the basin, now holding interests in 5,041 square kilometres - the largest in the region. This expanded footprint provides exposure to a potential multi-billion BOE Permian unconventional oil and gas play and positions Omega to play a significant role in supporting Australia's long-term energy and economic security. The company is accelerating its appraisal program in the Taroom Trough, taking advantage of powerful structural tailwinds and government facilitation of development. Omega has secured a rig contract for a multi-well drilling campaign, with the first wells expected to commence in June 2026. The program will include a mix of vertical and horizontal wells, designed to delineate the reservoir, identify 'sweet spots', and mature Omega's resource and reserve base. Omega has also strengthened its balance sheet, raising $60 million in new equity to fully fund the upgraded program. Success for the company will be defined by safe and efficient operations, further de-risking of the resource, and demonstrating the material scale and deliverability of the Permian reservoirs.

Omega is moving at pace to capitalize on a unique window of opportunity in the Taroom Trough, with strong structural tailwinds driving urgency around domestic energy supply and clear Queensland Government facilitation of a coordinated development plan. The company's expanded drilling program is designed to accelerate appraisal and demonstrate the repeatability and commerciality of the Permian play.