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Omega Oil & Gas Limited (ASX:OMA)

ALERT: Price-sensitive ASX Announcement for OMA
Current share price for OMA : $0.585 0.005 (0.86%)+
Announcement
Release
3 Mar 2026 8:39AM
Price at Release
$0.580
Full Release
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Summary
Omega Oil and Gas Limited (ASX: OMA) has announced the execution of a contract with Helmerich & Payne (H&P) for the provision of FlexRig® 648 to support its expanded 2026/27 drilling program in the Taroom Trough, Queensland. This will involve the drilling of at least four wells, with the potential to expand to nine wells, targeting the Permian unconventional oil and gas play. The program, set to commence in May 2026, aims to delineate resources and mature Omega's resource and reserve base while enhancing energy, economic, and liquid fuel security in Australia. Omega has secured approximately $54 million in funding for this initiative, maintaining a strong financial position while collaborating with H&P's experienced team. The initiative is part of a broader effort to unlock the Taroom Trough's oil and gas potential, positioning Omega for significant growth and contribution to Australia's energy sector.
Key Points
  • Omega Oil and Gas has secured H&P's FlexRig® 648 for its 2026/27 drilling program.
  • The program aims to appraise the Permian unconventional oil and gas play in the Taroom Trough.
  • Omega plans to drill at least four wells with options to expand to nine.
  • The drilling program is scheduled to start in May 2026.
  • Omega has approximately $54 million in funding for the program.
  • The initiative seeks to enhance Australia's energy and economic security.
  • The program will help mature Omega's resource and reserve base in the Taroom Trough.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.