Omega Oil & Gas reaches 4,700m drilling depth
Key points
- Omega Oil & Gas reached a total depth of 4,700m at its Canyon North-1 exploration well in Queensland.
- Shares in Omega traded up 6.92% to $0.72 following the operational update from the Taroom Trough.
- The company plans to execute a wireline logging programme before drilling Canyon North-2 in the fourth quarter of 2026.
Omega Oil & Gas (ASX:OMA) has drilled its Canyon North-1 well to a total depth of 4,700m in Queensland.
The joint venture extended drilling past the original 4,000-metre target after recording high gas shows at the Canyon-4 well.
“Canyon North-1 is the deepest well ever drilled in Queensland, and it has delivered the highest gas shows we have recorded to date,” said Omega Oil & Gas CEO and Managing Director Trevor Brown.
The company reported high gas shows in the Muggleton, Lower Kianga, and Canyon Sandstone formations, though flow rates remain unmeasured.
Omega stated that the results support its view of a large petroleum system, with wireline logging scheduled next.
Following the announcement, the Omega Oil & Gas share price was up at $0.72.
Omega holds a 45% operating stake in the ATP 2081 joint venture alongside Tri-Star (30%) and Beach Energy (25%).
The explorer previously recorded high pore pressures at Canyon-H1 in January 2025 and reported Canyon-4 drilling results in October.
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