Omega Oil & Gas Limited (AU:OMA) has released an update.
Omega Oil & Gas Limited gears up for a promising future as it advances on its Canyon-1H horizontal well project, with significant contracts awarded and preparations completed for drilling in late August 2024. The company’s financial position remains strong with $17.3 million in cash and deposits, and an expected R&D tax incentive of about $6.8 million. Furthermore, the Queensland Government’s recognition of two of Omega’s tenures as Potential Commercial Areas bolsters the company’s prospects for contributing to the East Coast Gas Market.
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