Omega Oil and Gas reports successful flow test results with strong oil and gas flows in Australia.

From Yahoo Finance: 2025-03-26 13:33:00

Australian exploration company Omega Oil and Gas reports successful flow test results from their Canyon-1H horizontal well in Queensland’s Bowen Basin. The well in the Taroom Trough showed strong oil flows post-fracture stimulation, reaching peak flow rates of 452 bopd and 600,000 scf/d of gas. The 2,000m lateral section sustained rates translate to 987 bopd and 1.45 mscf/d, with oil at 49.5 API. CEO Trevor Brown is thrilled with the results, highlighting the commercial potential of the discovery.

During the nine-day flow period, the Canyon-1H well recovered 4.186 mscf of gas, 1,987 barrels of oil, and 8,597 barrels of water. The successful application of horizontal drilling and fracture stimulation technology has provided valuable data indicating a significant play in Australia’s energy future. The well is currently shut in, with favorable reservoir conditions indicated by rapid pressure build-up.

Omega Oil and Gas plans to use production data to analyze decline rates and ultimate recoveries in the liquid-rich project area. They are developing a detailed plan for the next steps, focusing on resource delineation and derisking. Key milestones include verifying liquids commerciality, resource booking in the second half of 2025, and further well programs for gas and liquids plays. Discussions with potential partners are also underway for development pathways.

Read more: Omega reports successful flow test results from Canyon-1H well in Australia