Omega Oil & Gas Says Data from Queensland Appraisal Well Shows 526-Meter-Thick Oil, Gas-Bearing Permian Interval; Shares Jump 6%

MT Newswires Live

Aug 24

Omega Oil & Gas (ASX:OMA) said drilling data, surface logging, and wireline logs at the Canyon-3 well, the first well in its appraisal program, at the Canyon project in the Taroom Trough in Queensland show a 526-meter-thick, oil and gas-bearing Permian interval with 170 meters of aggregate net pay, according to a Monday Australian bourse filing.

The well reached a total depth of 3,792.6 meters on Aug. 15. Log analysis indicated that it is 14% thicker with 55% better porosity than in the original Canyon-1 well, encountering 18 meters of oil-bearing sands at an average porosity of 11.5% within a 42-meter-thick reservoir interval.

Canyon-4 is scheduled to begin in around 7 days.

Its shares jumped 6% in recent trading on Monday.

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