HIGHLIGHTS

Extensive Acreage Position with Strong, Fast-Moving Joint Venture Partners

Trevor Brown, Omega’s Chief Executive Officer and Managing Director, commented:

'Omega 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’ve built Omega to move fast, and this award gives us a clear runway to rapidly appraise the area and create significant value.' 

'We 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’s need for liquid fuels.'

'We 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.'

Andrew Hackwood, Tri-Star’s Chief Executive Officer - Australia, added:

'Tri-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’s 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.' 

Brett Woods, Beach Energy’s Chief Executive Officer, added further:

'Beach 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.'

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Source: OMEGA OIL AND GAS