Major Oil & Gas Extension for OMA in Eastern Taroom Trough

Key points

• Canyon-3 results exceed expectations with 526m thick Permian interval
• Canyon Sandstone is 14% thicker and 55% better porosity than previous well
• Additional high-quality gas and condensate-bearing reservoir interval identified

Full summary

Omega Oil & Gas Ltd has reported positive results from the Canyon-3 well, the first in its 2026/27 drilling program. The well reached a total depth of 3,792.6m and identified a 526m thick, oil and gas-bearing Permian interval with 170m of aggregate net pay. The Canyon Sandstone reservoir interval is 14% thicker and has 55% better porosity than previously observed. The discovery of an additional high-quality gas and condensate-bearing reservoir interval further enhances the potential of the project area. Omega plans to commence drilling at Canyon-4 in approximately 7 days.

Guidance

SLB modelling indicates a single 2,000m horizontal well could deliver a 10-year EUR of ~0.95 MMBOE

Outlook

Omega's drilling program will continue to refine reservoir characteristics and identify areas with favorable hydrocarbon saturation.