OMA's Play-Defining Campaign Commences Drilling at Canyon-3

• Drilling at Canyon-3 has begun, marking the start of Omega's 2026/27 appraisal program
• The program aims to demonstrate the scale and quality of the Permian unconventional oil and gas play
• Four vertical wells and one or two horizontal wells are planned, contingent on results and land access

Omega Oil & Gas Ltd. has initiated drilling operations at Canyon-3, the first well in its 2026/27 appraisal program. This campaign aims to demonstrate the scale and quality of the Permian unconventional oil and gas play on the eastern flank of the Taroom Trough. The program includes four vertical appraisal wells, followed by one or two horizontal wells extending up to 2,000 meters. The drilling is being conducted using the H&P FlexRig® 648, which has recently completed a program for Shell on the western flank of the Taroom Trough. The primary objectives of the program are to confirm the continuity of the Permian reservoir intervals, confirm the presence of oil, gas, and condensate, demonstrate reservoir quality suitable for horizontal drilling and hydraulic stimulation, and optimize the placement of future horizontal wells. The results from the vertical appraisal program are expected to support continued resource maturation and may underpin a maiden contingent resource booking within ATP 2081. Subject to drilling progress, results from the remaining three vertical wells are expected to be announced at approximately one-month intervals, with an updated resource and reserve assessment anticipated in late 2026.

Omega remains fully funded to execute its largest appraisal campaign to date.

Omega's 2026/27 drilling program is designed to systematically evaluate the commercial potential of the Permian unconventional oil and gas play across the Company's extensive eastern Taroom Trough acreage area.