Omega Oil expands resource potential at Canyon-4 well
- Omega Oil & Gas completed drilling at its Canyon-4 well, logging a 589-metre gross hydrocarbon-bearing sequence with 197m of aggregate net pay.
- Following the announcement, the Omega Oil share price was up at $0.735.
- The company stated that the results support a multi-level reservoir system and will inform an upgraded resource assessment targeted for early 2027.
Omega Oil & Gas (ASX:OMA) completed drilling at its Canyon-4 well after discovering a 589-metre gross oil and gas-bearing sequence with 197m of aggregate net pay in Queensland.
The 197-metre aggregate net pay at Canyon-4 exceeds measurements from earlier wells, surpassing Canyon-3 at 170m and Canyon-1 at 132m.
The primary Canyon Sandstone target showed an average porosity of 12.1% at Canyon-4, an increase from the 7.4% average porosity recorded at Canyon-1.
Trevor Brown, CEO and Managing Director, commented, “The results further demonstrate the quality, scale and continuous nature of the stacked Permian oil and gas play across the Taroom Trough’s eastern flank.”
The company stated that the 400-square-kilometre area surrounding the Canyon wells could support approximately 160 horizontal well locations based on 2,000-metre laterals.
Following the announcement, the Omega Oil & Gas share price was up at $0.74.
The exploration firm focuses on advancing gas and oil appraisal campaigns across its acreage in the Taroom Trough.
Omega Oil expects to conduct horizontal flow testing in the first half of 2027 while maintaining a fully funded 2026–27 appraisal programme.
