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Omega Oil & Gas Limited ( (AU:OMA) ) has provided an update.
Omega Oil and Gas Limited has reached an agreement with TAG Oil Ltd to eliminate a 3% royalty on future liquids production from its Queensland assets, enhancing its operational flexibility. This strategic move, funded by Omega’s cash reserves, aligns with TAG’s shift in focus to Egypt and underscores Omega’s confidence in the potential of its Taroom Trough assets, particularly following successful tests at the Canyon-1H well.
The most recent analyst rating on (AU:OMA) stock is a Buy with a A$0.64 price target. To see the full list of analyst forecasts on Omega Oil & Gas Limited stock, see the AU:OMA Stock Forecast page.
More about Omega Oil & Gas Limited
Omega Oil and Gas Limited is an Australian exploration company focused on unlocking the deep oil and gas potential of Queensland’s Taroom Trough in the Bowen Basin. Founded in 2020, Omega has made significant hydrocarbon discoveries, including the Canyon-1 and Canyon-2 projects, and is backed by prominent resource investors. The company aims to become a key contributor to Australia’s energy future.
Average Trading Volume: 697,334
Technical Sentiment Signal: Hold
See more insights into OMA stock on TipRanks’ Stock Analysis page.