Omega Oil and Gas (ASX:OMA) reports first well results from its 2026–27 drilling program ‘exceed expectations’ and provide evidence for a ‘large‑scale’ oil and gas province in Queensland’s eastern Taroom Trough.
The Canyon‑3 well reached total depth of 3,792.6m on 15 August and encountered a 526m ‘thick’ oil and gas‑bearing Permian interval with 170m of aggregate net pay across six regionally correlatable reservoirs.
Log analysis indicates the primary Canyon Sandstone target delivered 18m net oil‑bearing sands at 11.5% average porosity within a 42m gross reservoir interval.
The company says this represents a 14% thickness increase and 55% better porosity compared to the original Canyon‑1 well.
“These excellent Canyon-3 well results are a major step toward demonstrating the scale of the oil and gas resources in the eastern Taroom Trough,” CEO Trevor Brown says.
Canyon‑3 was drilled approximately 9km southeast and 275m updip of Canyon‑1 to evaluate lateral extent and continuity of stacked Permian reservoir intervals.
The rig is moving to the Canyon‑4 location, with drilling expected to commence in approximately seven days. Four vertical wells will be followed by one or two horizontal wells with flow tests.
Omega Oil and Gas maintains 1,800km2 of operated acreage in the eastern Taroom Trough and remains fully funded for its 2026–27 appraisal program.
Write to JC Villarba at Mining.com.au
Images: Omega Oil and Gas
