• Strong balance sheet with $102 million in cash
• Fully funded drilling program in Taroom Trough
• Drilled four vertical wells and one to two horizontal wells
• Expected drilling results in late August 2026

Omega Oil & Gas Limited has commenced its 2026/27 drilling program, focusing on the eastern flank of the Taroom Trough in Queensland. The company has successfully completed a $60 million equity raising, strengthening its balance sheet to $102 million in cash. The drilling program includes four vertical wells and one to two horizontal wells, designed to define the potential of Omega's acreage. The first well, Canyon-3, is expected to start drilling by the end of July, with results anticipated in late August 2026. The program aims to confirm the continuity of multiple reservoir layers and provide essential data for an upgraded resource and reserves assessment.

Omega Oil & Gas expects drilling results from Canyon-3 in late August 2026.

Omega Oil & Gas anticipates significant value creation from its drilling program, with the potential to expand its understanding of the resource and progress towards commercial development.