Omega Oil and Gas drilling success

Omega Oil and Gas (ASX:OMA) has successfully completed its Canyon-1H drilling program in the Bowen Basin, Southern Queensland. The well reached a total depth of 4,616 meters. It showed strong gas and condensate indications. The well was cased and cemented, and rig release is expected by October 29, 2024.

Omega's strategy and future outlook

Omega Oil and Gas has completed the Canyon-1H drilling program, achieving a total depth of 4,616 meters with a significant section drilled into the Canyon Sandstone. The successful application of horizontal drilling technology marks a first for the eastern part of the Taroom Trough in the Bowen Basin. Strong gas and condensate indications were recorded, setting the stage for a nine-stage fracture stimulation and flowback testing program planned for Q1 2025. This program aims to evaluate the economic flow rates of the Canyon Sandstone. Despite a downhole tool failure halting drilling at 4,616 meters, enough reservoir section was drilled to proceed with testing. Omega's project stands as one of the first in the region to shift from vertical to horizontal wells, underlining its strategic position as a first-mover in the Bowen Basin's evolving energy landscape. Omega holds 100% ownership of Potential Commercial Areas 342 and 343, further strengthening its position in the industry.

Executive insights on Canyon-1H completion

The Canyon-1H drilling program marks a significant milestone for Omega, showcasing successful planning and execution after 18 months of preparation.