HIGHLIGHTS
- Following a competitive tender process, the Queensland Government has selected the Omegaled Joint Venture comprising Omega Oil & Gas Limited (45% and Operator), Tri-Star E&P Ltd (30%) and Beach Energy Limited (25%) as the preferred tenderer for PLR2026-1-10 petroleum land release area in the Taroom Trough, Southern Queensland
- The large land release area covers 1,138km2 within the highly prospective eastern flank and southernmost part of the Taroom Trough adjoining the southern portion of Omega's 100% owned Canyon PCA Area (PCA 342 and PCA 343)
- The award of PLR2026-1-10 expands Omega’s extensive operated acreage position by 63% from 1,809km2 to 2,947km2, consolidating our commanding position in the Taroom Trough, a highly prospective, internationally significant, unconventional oil and gas province
- The large additional land area, on trend with our Canyon Project Area on the eastern flank of the Taroom Trough, where oil and gas flows have been proven and current drilling is demonstrating a vast resource base, provides a significant platform for future resource growth
- The award reflects the Queensland Government's confidence in the Joint Venture’s appraisal strategy, technical capability and commitment to developing Queensland's future energy resources
- Tenure grant remains subject to completion of the Queensland Government's processes
- Omega’s 2026/27 appraisal campaign continues on-schedule with the Canyon-4 vertical well progressing toward the primary objective Canyon Sandstone interval
- Omega’s 2026/27 appraisal campaign comprises 4 vertical wells and 1 or 2 horizontal wells
- Omega retains flexibility to exercise further rig contract options as operational results warrant
Trevor Brown, CEO and Managing Director, commented: 'The award of this highly prospective land release area is an important strategic outcome for our Joint Venture providing us an additional opportunity to demonstrate the enormous resource potential of the Taroom Trough. The award reinforces our conviction in the prospectivity of the eastern flank of the Taroom Trough and provides the JV with exposure to a large, prospective new acreage area in the southern Taroom Trough.
The new land area materially expands Omega’s acreage footprint and combined with the results of our ongoing, extensive appraisal program, strengthens our ability to evaluate and develop the Taroom Trough at basin scale.
Importantly, the Queensland Government has identified the Taroom Trough as a strategically important energy province by implementing the Taroom Trough Development Plan. Together with our current appraisal program and our expanded acreage position, this provides a strong foundation for working with the Queensland Government to bring a nationally significant, new domestic source of energy security to market as quickly as possible.
As Australia seeks secure, reliable and affordable energy, Omega is well positioned to play a leading role in supplying domestically produced oil and gas for decades to come.'
Omega Oil & Gas is pleased to announce that an Omega-led Joint Venture has been selected by the Queensland Government as the preferred tenderer for a newly released land area, PLR2026-1-10, under the State’s 2026 Petroleum and Gas Land Release Program (Figure 1).
The Joint Venture comprises Omega (45% and Operator), Tri-Star E&P Ltd (30%) and Beach Energy Limited (25%) (ASX: BPT).
The preferred tenderer selection builds on a series of significant milestones for the Taroom Trough, including the Queensland Government's implementation of the Taroom Trough Development Plan and Omega's ongoing, fully funded 2026/27 appraisal program. Collectively, these milestones demonstrate growing government and industry commitment to unlocking the Taroom Trough as a nationally significant new source of oil and gas.
PLR2026-1-10 covers 1,138km² and materially expands Omega’s acreage position across the eastern flank of the Taroom Trough increasing our total, operated acreage to 2,947km², a 63% increase. PLR2026-1-10 adjoins Omega's 100% owned PCA 343.
The new land area is interpreted to contain the continuation of the eastern flank fairway and an extension of the six stacked Permian reservoir intervals identified across Omega's existing acreage. The acreage extends across a broad area in the southern Taroom Trough providing exposure to the six currently identified Permian reservoirs, and additional, new play types (Figure 3).
PLR2026-1-10 provides substantial additional resource potential and multiple future development targets. Importantly, the acreage is situated within the over-pressured section of the basin, where elevated reservoir pressures are expected to support improved well deliverability. The combination of stacked reservoir development potential and favourable pressure regimes further enhances the prospectivity of the expanded land position.
Strategic Significance
The additional land area:
- Substantially expands and strengthens Omega's position in unlocking the highly prospective Taroom Trough's unconventional oil and gas potential
- Increases the Company's long-term inventory of drilling and appraisal opportunities
- Leverages Omega's growing subsurface and operational knowledge and experience across the basin
- Provides flexibility to optimise future appraisal and development sequencing
- Supports the Company's aspiration of developing a nationally significant source of domestic oil and gas
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Source: Omega Oil and Gas
