Drilling Starts at Canyon North-1, Testing Scale of OMA Play

• Canyon North-1 drilling begins, testing oil and gas scale
• Located 6km from Tasmania-1, drilling aims to extend resource
• Follows successful Canyon-4, showing significant net pay

Omega Oil & Gas Limited (ASX: OMA) has initiated drilling operations at Canyon North-1, the third well in its 2026/27 appraisal program. This drilling follows the successful results from Canyon-4, which showed a 589m gross oil and gas-bearing sequence with 197m of aggregate net pay. Canyon North-1 aims to extend the evidence of the resource beyond Omega's PCA areas and characterize reservoir and fluid properties in a setting similar to previous wells. The well is expected to provide results in approximately four weeks, with further drilling and assessments planned for the remainder of the year.