- Omega Oil & Gas began mobilising a rig for its Canyon-3 well in Queensland’s Taroom Trough.
- Following the release, Omega shares rose 2.5% to trade at $0.61.
- The company stated that the five-well drilling programme aims to define energy resources and prove commercial flow rates across its Permian acreage.
Omega Oil & Gas has commenced mobilisation of a Helmerich & Payne rig to its Canyon-3 well location in Queensland, launching a fully funded 2026/27 drilling programme.
The campaign follows prior results at the Canyon-1/1H and Canyon-2 wells as the company seeks to verify continuous oil and gas deposits in the basin.
“The drilling programme has been designed to define the outstanding potential of Omega’s eastern flank acreage,” stated Omega in its market release.
The project involves four vertical wells and up to two horizontal wells, with each vertical well expected to take roughly 30 days to complete.
Following the announcement, the Omega Oil & Gas share price was up at $0.61.
The energy explorer previously raised $60 million in equity capital to fund its multi-well evaluation campaign across the Taroom Trough.
In addition to site preparation, the company completed civil works for two well pads in permit PCA 342 and delivered initial land access within three months of receiving tenure.
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