HIGHLIGHTS
- Helmerich & Payne FlexRig® 648 has commenced mobilisation to Omega's Canyon-3 well location on the eastern flank of the Taroom Trough, marking the start of Omega’s transformational, fully funded, 2026/27 drilling program
- The drilling program has been designed to define the outstanding potential of Omega's eastern flank acreage, which is expected to contain internationally significant volumes of oil and gas. These wells will build on the success of Canyon-1/1H and Canyon-2 to confirm the continuity of the overpressured, oil and gas-bearing Permian sands across Omega’s acreage area
- These Taroom Trough hydrocarbons have the potential to deliver significant value while strengthening Australia's energy and liquid fuel security
- Omega’s largest drilling program to date, and potentially the most impactful program in Australia for over a decade, will evaluate five stacked, Permian, tight-sand reservoir intervals across Omega’s extensive acreage area through four vertical wells and one or two horizontal wells, including fracture stimulation and flow testing(1)
- The program is designed to further de-risk the rapidly emerging, Permian unconventional play, demonstrate resource scale, establish repeatable commercial flow rates and mature Omega’s resource base
- To support Omega’s upcoming program, two well-pads have been constructed in PCA 342 for the Canyon-3 and Canyon-4 wells and a third is under construction at the southern end of ATP 2081
- Land access for the first well location in ATP 2081 (subject to joint venture approvals) delivered in just over three months from grant of the tenure, is an industry-leading outcome
- Each vertical well, including rig mobilisation between locations, is expected to take approximately 30 days to complete
- Results from the vertical appraisal program will optimise the placement of one or two horizontal wells()1) and provide the technical data required to assess commercial flow performance under stimulated conditions
- The eastern flank of the Taroom Trough has attractive geological characteristics analogous to some of the best unconventional basins in the US including depositional setting, reservoir targets, structural configuration and the presence of oil
- Significant reservoir overpressure across the eastern flank is considered a key driver of productivity in unconventional reservoirs, supporting strong oil and gas flow rates and enhancing commercial development potential
- Ongoing appraisal activity by multiple operators across the Taroom Trough continues to improve regional geological understanding
Trevor Brown, CEO and Managing Director, commented:
'The mobilisation of H&P’s Rig 648 marks the start of Omega's largest, and most impactful drilling program to date, and is an important milestone in evidencing the vast potential of the eastern Taroom Trough. Over the coming months, by drilling one well each month, we will systematically evaluate five stacked, Permian, tight-sand reservoir intervals over our large acreage area as we continue to de-risk this attractive, internationally significant, large-scale petroleum system.'
'Our confidence in the eastern flank is high and is supported by well results and a geological model built on many years of technical work and regional studies. We believe the eastern flank of the Taroom Trough offers a compelling combination of scale, reservoir quality, structural setting and liquids potential.'
'With a fully funded program and a clear strategy, we are excited to commence our program and look forward to delivering a steady flow of results as the program progresses.'
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Source: Omega Oil & Gas
