- 01Omega-led JV wins Taroom land release.
- 02Footprint expands to 2,947 sq km.
- 03Omega 45% operator; Tri-Star 30%, Beach 25%.
- 04Permitting and appraisals to begin.
The Queensland government has selected a joint venture led by Omega Oil & Gas (ASX: OMA), as the preferred tenderer for PLR2026-1-10 petroleum land release area in the state’s onshore Taroom Trough.
The new landholding covers 1,138 square kilometres within the highly prospective eastern flank and southernmost part of the trough, adjoining the lower portion of Omega’s wholly owned Canyon project, where current drilling is demonstrating a vast resource base.
Omega – which will hold a 45% interest in the JV and act as operator – will increase its operated position by 63% from 1,809 sq km to 2,947 sq km with the new acreage, consolidating the company’s dominant position in the highly prospective oil and gas province.
Following formal acceptance of the land release area, Omega and joint venture partners Tri-Star E&P and Beach Energy (ASX: BPT) – who will hold 30% and 25%, respectively – will begin permitting and land access activities, as well as plan the timing and sequencing of future appraisal work.
Substantial Resource Potential
PLR2026-1-10 extends across a broad area in the southern Taroom Trough providing exposure to Omega’s six identified Permian reservoirs, and is regarded as having substantial resource potential and multiple future development targets.
Importantly, the acreage is situated within a section of the Bowen-Surat Basin where elevated reservoir pressures are expected to support improved well deliverability.
It is interpreted to contain the continuation of the eastern flank fairway and an extension of six stacked Permian reservoir intervals identified across Omega's existing acreage.
The combination of stacked reservoir development potential and favourable pressure regimes further enhances its prospectivity and increases Omega’s long-term inventory of drilling and appraisal opportunities.
Eastern Flank Prospectivity
Omega chief executive officer Trevor Brown said PLR2026-1-10 offered a new opportunity to demonstrate the “enormous resource potential” of the Taroom Trough.
“This award reinforces our conviction in the prospectivity of the eastern flank and provides the joint venture with exposure to a large, prospective new acreage area in the southern part of the trough,” he said.
“The land materially expands our acreage footprint and, combined with the results of our extensive ongoing appraisal program, strengthens our ability to evaluate and develop the trough at basin scale.”
“Importantly, the state government has identified the area as a strategically important energy province by implementing the Taroom Trough development plan.”
“Together with our current appraisal and expanded position, this provides a strong foundation for working with the government to bring a new domestic source of energy security to market as quickly as possible.”
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