Omega secures H&P rig for expanded Taroom Trough drilling push

Omega Oil & Gas Limited ( (AU:OMA) ) has provided an announcement.

Omega Oil & Gas has secured Helmerich & Payne’s high-performance FlexRig 648 for an expanded, continuous drilling and appraisal campaign in the Taroom Trough over 2026–27. The contract covers three firm and six optional wells, enabling a mix of vertical and extended-reach horizontal drilling across existing PCA areas and the newly awarded ATP 2081, with Omega fully funded to drill at least four wells and maintain options for further activity.

The program is scheduled to start in May 2026 after other operators complete their wells, contributing to basin-wide drilling that is expected to de-risk the emerging Permian unconventional play and mature Omega’s resource and reserve base. Supported by independent modelling suggesting strong well recoveries and a robust balance sheet of about $54 million, the campaign reinforces Omega’s position in one of Australia’s most prospective unconventional basins and could have long-term implications for the nation’s gas and liquid fuel security if successful.

The most recent analyst rating on (AU:OMA) stock is a Hold with a A$0.59 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 & Gas Limited is an Australian exploration company focused on unlocking unconventional oil and gas resources in Queensland’s Taroom Trough. The company holds the largest acreage position in the basin at 5,041 square kilometres through a combination of production compensation areas, the newly awarded ATP 2081, and a minority stake in Elixir Energy, targeting multi-TCFE gas and liquids potential.

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Technical Sentiment Signal: Buy

Current Market Cap: A$269.2M

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