Omega Drilling Ahead at Canyon-3; Results Expected Soon

Omega Oil & Gas Limited (ASX:OMA) provided an operational update on Canyon-3, the first well in its fully funded 2026/27 appraisal campaign in Queensland's Taroom Trough. The company said drilling is progressing safely and on schedule, with the well currently drilling ahead at 2,570 metres in the intermediate hole section and consistent with prognosis. The top of the targeted Permian section is expected at approximately 3,200 metres and total depth is planned at around 3,900 metres, with first important results expected within two weeks. Canyon-3 is located 10 kilometres southeast of Canyon-1/1H and is appraising a distinct geological setting on the eastern flank of the Taroom Trough, targeting laterally extensive, overpressured, oil and gas-bearing Permian sandstone reservoirs, which the company contrasted with the more channelised reservoir development recognised on the western flank of the basin.

Omega said the well provides a test of hydrocarbon distribution updip from Canyon-1 and is expected to provide additional data on the lateral and vertical extent of the Permian petroleum system across its eastern Taroom Trough acreage. The company said integration of Canyon-3 and Canyon-4 vertical well results with Canyon-1, Canyon-2 and 2D seismic data aims to provide clear evidence of the presence of the oil-bearing Canyon sandstone reservoir over an area of approximately 200 square kilometres between Canyon-1, Canyon-2 and the Cabawin Oil Field, an area which, for a single reservoir layer, Omega said could support an inventory of approximately 75 development wells 2,000 metres long at 1,000 metre spacing as modelled by SLB. Chief Executive and Managing Director Trevor Brown said the well is on schedule and that results are expected within two weeks. The announcement notes that it may contain forward-looking statements which involve subjective judgement and are subject to significant uncertainties, risks and contingencies.