Strong Oil Flows from Canyon-1H Well A Major Breakthrough.

Omega Oil and Gas (ASX: OMA) has reported outstanding flow test results from its Canyon-1H well in Queensland’s Bowen Basin. The well achieved peak flow rates of 452 barrels of oil per day (BOPD) at 49.5 API and 0.6 MMSCFD of gas, confirming a significant oil-rich discovery. Sustained 24-hour rates suggest that longer 2000m laterals could yield 987 BOPD and 1.45 MMSCFD, positioning the Canyon Project as a major dual oil and gas play. The successful drilling, fracture stimulation, and flowback program validated the area’s commercial potential, with reservoir properties surpassing expectations.

This discovery marks a crucial step in Omega’s growth strategy, unlocking new commercial pathways for both oil and gas. The results draw favorable comparisons to top-tier US unconventional basins, reinforcing Canyon-1H’s significance in Australia’s energy landscape. With further optimization, Omega is well-positioned to capitalize on this exciting new hydrocarbon play.

With future 2000m laterals projected at 987 BOPD & 1.45 MMSCFD, this is a game-changer for the Canyon Project! Omega’s success in horizontal drilling & fracture stimulation proves its strong operational capability.

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