• Drilling on schedule at Canyon-3, first well in 2026/27 campaign
• Expected to reach target Permian section at 3,200m, total depth around 3,900m
• Aims to define the largest new oil and gas province in decades
• Provides data to refine geological model and reservoir understanding
• First important results expected within two weeks

Omega Oil & Gas Limited (ASX: OMA) is pleased to provide an operational update on the Canyon-3 appraisal well, the first in its fully funded 2026/27 drilling campaign. Drilling operations continue safely and on schedule, with Canyon-3 currently drilling ahead at 2,570m in the intermediate hole section. The top of the highly prospective Permian section is expected to be encountered at approximately 3,200m, with total depth planned at around 3,900m. The well provides an important test of the hydrocarbon distribution updip from Canyon-1 and will improve understanding of the lateral and vertical extent of the Permian petroleum system across the eastern Taroom Trough acreage area. Omega's appraisal program is focused on a distinct geological setting on the eastern flank of the Taroom Trough, targeting laterally extensive, overpressured, oil and gas-bearing Permian sandstone reservoirs. This contrasts with the more channelised reservoir development recognised on the western flank of the basin, where reservoir presence and quality can vary over relatively short distances. Drilling on the eastern flank has confirmed the presence of both oil and gas across multiple stacked Permian reservoir intervals, and Canyon-3 is expected to provide additional data to further refine the Company's geological model and provide evidence of the distribution and thickness of the reservoir intervals across the acreage area.