Omega Oil & Gas starts its largest onshore drilling campaign at Canyon-3 in Queensland, with up to six wells and a fully funded program. CEO Trevor Brown says the results could support a maiden resource booking.
Omega Oil & Gas (ASX: OMA) has started its Canyon-3 drilling campaign on the eastern flank of the Taroom Trough in Queensland, the largest onshore program the company has run to date. Contractor Helmerich & Payne is mobilising a high-performance rig to the site after a delay caused by the rig's later-than-expected release from the previous operator.
Two well pads have been built in PCA 342, where Omega holds a 100% stake. A third pad is under construction in the southern portion of ATP 2081, a joint venture with Tri-Star (30%) and Beach Energy (ASX: BPT, 25%). Additional drilling locations are moving through the land access process to support the rest of the program.
The campaign will evaluate five stacked tight-sand reservoir intervals. It includes four vertical wells, each taking up to 30 days, and up to two horizontal wells reaching 2,000 metres depth. All will undergo fracture stimulation and flow testing. The vertical wells are designed to confirm the quality and continuity of intervals seen in earlier Canyon-1 and Canyon-2 wells, guiding the selection of the best zones for horizontal drilling and extended production testing.
Omega expects the results to support resource growth within the Canyon PCA area and provide the foundation for a maiden contingent resource booking in ATP 2081.
Chief executive officer Trevor Brown said the campaign was the next phase in evaluating what could be a large-scale onshore oil and gas opportunity of international significance. “Over the coming months, by drilling one well each month, we will systematically continue to de-risk this attractive, internationally significant, large-scale petroleum system,” he said. “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.”
Brown said the program was fully funded and the company would deliver a steady flow of results as drilling progressed.
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