en.Wedoany.com Reported - Helmerich & Payne's FlexRig 648 rig has commenced mobilization to Omega's Canyon-3 well site in the Taroom Trough, Queensland, Australia, marking the official start of Omega's 2026/27 drilling and evaluation program.

This drilling program is Omega's largest operational plan to date, comprising four vertical appraisal wells and up to two horizontal wells. Each vertical well is expected to take approximately 30 days (including inter-well mobilization time), with horizontal wells designed to reach a length of 2,000 meters. The target intervals for these wells are the Canyon Sandstone, along with four Permian tight sandstone reservoir sections, with drilling plans informed by results from the Canyon-1H and Canyon-2 wells. The project aims to de-risk unconventional oil and gas reservoir development and verify repeatable commercial production through systematic evaluation of five stacked tight sandstone reservoirs.

Within the PCA 342 block, in which Omega holds a 100% interest, two well pads have been constructed to support drilling operations for Canyon-3 and Canyon-4 wells. A third well pad is under construction in the southern area of the ATP 2081 block, where the interest structure is: Omega holds 45% and serves as operator, Tri-Star E&P holds 30%, and Beach Energy holds 25%. The Queensland Government has provided A$19 million in funding through the Fuel Security Program to support development in the Taroom Trough.

Omega completed a A$60 million equity financing in April 2026 and currently has approximately A$110 million in available funds, sufficient to support the entire evaluation program. Drilling results from the vertical wells are expected to be released progressively in the third quarter of 2026, followed by resource assessment and reserve upgrade work.