Omega Oil & Gas starts drilling at Canyon North-1 well

• Omega Oil & Gas has commenced drilling at the Canyon North-1 appraisal well in Queensland's Taroom Trough.
• The share price rose 10.79% to $0.77 following the announcement.
• The drilling aims to test the regional extension and scale of the oil and gas play beyond existing primary areas.

Omega Oil & Gas (ASX:OMA) has commenced spudding the Canyon North-1 appraisal well in Queensland to evaluate the regional footprint of its eastern Taroom Trough acreage.

The appraisal activity comes seven months after the Queensland Government awarded authority to prospect ATP 2081 to the joint venture in March 2026.

"With continuity now demonstrated across our PCA acreage, Canyon North-1 takes our campaign into ATP 2081 to test how far the play extends to the north," said Omega Oil & Gas Managing Director Trevor Brown.

The project represents the first well drilled under the ATP 2081 Joint Venture between Omega (45%), operator Tri-Star (30%), and Beach Energy (ASX:BPT) (25%).

The company expects to deliver initial drilling results in approximately four weeks as part of its fully funded 2026/27 appraisal programme.

Following the announcement the Omega Oil & Gas share price was up at $0.77.

The target site sits approximately 6km away and 250m updip from the historic 2012 Tasmania-1 well.

Omega previously recorded a 589-metre gross sequence with 197m of aggregate net pay at its nearby Canyon-4 well.