HIGHLIGHTS
Extensive Acreage Position with Strong, Fast-Moving Joint Venture Partners
- Following a competitive tender process, the Queensland Government has awarded a large, new land area in the Taroom Trough to an Omega-led joint venture comprising Omega Oil and Gas Limited (Omega) 45% and Operator, Tri-Star E&P Ltd (Tri-Star) 30%, and Beach Energy Limited (Beach) 25% (ASX:BPT)
- The new land area covers 750 square kilometres and lies immediately north of Omega閿熺氮 existing Potentially Commercial Areas (PCAs) that cover 1,046 square kilometres, significantly expanding our operated acreage position over the prime, highly prospective eastern flank of the Taroom Trough
- All gas produced from PLR2025-1-9 is designated to be sold into the domestic market
- Omega, Tri-Star and Beach acknowledge the Queensland Government for its proactive approach to unlock new oil and gas supply as vital for improving Australia閿熺氮 energy security and reducing domestic gas prices
- Omega now has a commanding position in the Taroom Trough through the combination of its existing PCA閿熺氮, its 19.43% interest in Elixir Energy (ASX:EXR) and the award of PLR2025-1-9. This gives Omega an acreage interest in 5,041 square kilometres 閿燂拷 the largest in the basin
- This award, the first under Omega閿熺氮 AMI with Tri-Star and Beach marks both Beach閿熺氮 entry into the Taroom Trough, and Tri-Star taking a 30% working interest in the award block in addition to its equity shareholding in Omega
- This award, to Omega, Beach and Tri-Star combines companies with complementary technical expertise, balance sheet strength, execution capability and a shared focus on accelerated exploration and appraisal to bring oil and gas to market as rapidly as possible
- Omega will immediately commence preparatory work to incorporate drilling on PLR2025-1-9 within an expanded 2026/27 drilling program
- Results from Omega閿熺氮 successful Canyon wells, combined with existing seismic and well data from Tasmania-1 (previously drilled on PLR2025-1-9), provides high confidence that the very favourable geologic conditions demonstrated in Omega閿熺氮 PCA areas extend into PLR2025-1-9. This enables the joint venture to plan drilling operations as early as H2 2026, as soon as requisite permits and agreements have been completed
- Omega is currently finalising a contract for Helmerich & Payne (Australia) Pty Ltd (H&P) FlexRig 648 and plans to drill at least 4 wells in our extensive 2026/27 program - a minimum of 2 on our current PCA areas and 2 on PLR2025-1-9, realising the cost and efficiency benefits of a continuous campaign
- Omega is well funded for a four well program with access to approximately $54 million inclusive of expected R&D refunds. Omega will fund 45% of costs in PLR2025-1-9
Trevor Brown, Omega閿熺氮 Chief Executive Officer and Managing Director, commented:
閿熺祮mega is an agile, well-funded, highly capable, Queensland-based explorer focussed entirely on unlocking the resource potential of the Taroom Trough. The newly awarded acreage area is contiguous with our existing Canyon Project area, in a geologic province we understand well, situated close to existing infrastructure. Our entire operated acreage position is within a proven, prolific hydrocarbon system with enormous upside potential for both oil and gas. Early indications are that the Taroom Trough may be host to internationally significant volumes of oil and gas and it shares many geological characteristics with the most prolific, unconventional producing basins in the USA. We閿熺淡e built Omega to move fast, and this award gives us a clear runway to rapidly appraise the area and create significant value.閿燂拷
閿熺祹e thank the Queensland Government for releasing new acreage in the Taroom Trough to deliver much-needed new gas supply to the East Coast market and new oil to meet Australia閿熺氮 need for liquid fuels.閿燂拷
閿熺祹e are pleased to be working alongside high-quality partners, Tri-Star and Beach Energy to rapidly determine the resource potential of our attractive new award area.閿燂拷
Andrew Hackwood, Tri-Star閿熺氮 Chief Executive Officer - Australia, added:
閿熺祴ri-Star is very pleased to partner with Omega and Beach Energy on PLR2025-1-9. This joint venture is well positioned to move quickly and accelerate exploration and appraisal. As a pioneer of Australia閿熺氮 CSG-to-LNG industry, Tri-Star sees the Taroom Trough as a potential next major source of domestic oil and gas, and we commend the Queensland Government for its leadership in supporting increased East Coast gas supply.閿燂拷
Brett Woods, Beach Energy閿熺氮 Chief Executive Officer, added further:
閿熺垂each Energy is excited to partner with Omega and Tri-Star in the Taroom Trough, an area we believe has the potential to become a meaningful new source of domestic oil and gas supply. We look forward to applying our expertise to accelerate exploration and appraisal and unlock value from these stacked Permian reservoirs.閿燂拷
Omega Oil and Gas Limited (ASX:OMA) (閿熺祮mega閿燂拷) advises that PLR2025-1-9 has been awarded to a joint venture comprising Omega 45% interest and Operatorship, together with Tri-Star E&P Ltd (30%) and Beach Energy Limited (25%).
Strategic Acreage Position and Strong Partnership
The combination of Omega, Tri-Star and Beach brings together significant technical, operating, and financial capability to focus on rapidly determining the resource potential of PLR2025-1-9.
The award of PLR2025-1-9 covering 750 square kilometres and located immediately north of Omega閿熺氮 100% owned Potentially Commercial Areas (閿熺祰CAs閿燂拷) in the Taroom Trough significantly expands Omega閿熺氮 attractive acreage position in the deep Permian unconventional oil and gas play on the eastern flank of the Taroom Trough.
Omega now holds a commanding position in the Taroom Trough with acreage interest in 5,041 square kilometres, spanning both the eastern and western flanks of the basin.
Multi-TCFE Oil and Gas Resource Potential in Taroom Trough1 The eastern flank of the Taroom Trough is emerging as a major new oil and gas province. Within Omega閿熺氮 operated eastern flank areas, the geology is highly attractive, with five stacked Permian reservoir layers across a large area. The geology of the eastern flank contains many features that compare favourably with prolific producing basins in the United States. Only one of the five reservoir layers has been tested with a horizontal well to date.
SLB modelling of a single Canyon Sandstone reservoir layer indicates a 10-year Estimated Ultimate Recovery (EUR) of ~0.95 MMBOE or 5.72 BCF of gas equivalent from a single 2,000m horizontal development well at 1,000m well spacing.
2026 閿燂拷 A Transformational Year for the Taroom Trough Substantial 2026 drilling campaigns will be undertaken across the Taroom Trough using the H&P FlexRig 648. Omega is exposed to drilling outcomes on both the eastern and western flanks of the Taroom Trough with the Lorelle-3 well, operated by Elixir, currently drilling and Omega閿熺氮 extensive drilling program scheduled to commence in May 2026. Omega閿熺氮 program is designed to delineate the quality and extent of multiple, 閿熺氮tacked閿燂拷 reservoir levels, identify 閿熺氮weet spots閿燂拷 and mature Omega閿熺氮 resource and reserve base, positioning us to emerge from 2026 with a clear pathway to development and a step-change in scale and value.
Omega閿熺氮 Extensive 2026/27 Drilling Program
The 2026 appraisal program within Omega閿熺氮 existing PCA areas and now extending to PLR2025-1-9 will focus on appraising the extent of five major reservoir intervals across our extensive acreage area (Figure 3). Building on our significant successes in 2023 - 2025, this campaign aims to define the reservoir distribution, reservoir quality, and fluids contained within the multiple reservoir layers.
This campaign will enable us to identify the most attractive areas ("sweet spots") within our operated acreage and provide essential data for an upgraded resource and reserves assessment. Each vertical well will be designed to allow the later drilling of a horizontal section.
The drilling program is planned for four vertical wells and options for multiple follow-up horizontal sections. Horizontal sections will be able to be drilled from any of the vertical wells.
A binding Letter of Intent (LOI) for the FlexRig 648 has been signed with H&P.
The indicative estimate of timing of upcoming activity is summarised as follows:
- Long lead wellheads and casing to support multiple vertical wells (up to 4) and a contingent horizontal well have been ordered and are due to arrive in early May
- Announcement of rig contract for H&P FlexRig 648 in February 2026
- Currently evaluating supporting drilling services tenders to support the campaign and anticipate awarding in the coming months
- Rig mobilisation to OMA location, following execution of prior wells, scheduled to commence around mid-May 2026
- Release of first drilling results commencing around mid-2026
- Updated resource to reserve maturation anticipated in late 2026
A live investor webinar, including Q&A, with Omega閿熺氮 Chief Executive Officer and Managing Director will be held at 11:00am Australian Eastern Daylight Time on Tuesday 10 February.