Omega Oil and Gas has secured a substantial new 750 square kilometre acreage in Queensland’s Taroom Trough, forming a powerful joint venture with Tri-Star and Beach Energy to accelerate exploration and appraisal in 2026.
- Award of 750 sq km new acreage adjacent to Omega’s existing holdings
- Joint venture with Tri-Star (30%) and Beach Energy (25%) established
- Omega’s total acreage in Taroom Trough now 5,041 sq km, largest in basin
- Planned 2026/27 drilling campaign includes at least four wells
- All gas production designated for Australia’s domestic market
Expanding a Strategic Position in the Taroom Trough
Omega Oil and Gas Limited has significantly bolstered its presence in Queensland’s Taroom Trough with the award of a new 750 square kilometre land parcel, PLR2025-1-9, following a competitive tender process. This acreage lies immediately north of Omega’s existing Potentially Commercial Areas (PCAs), expanding its operated footprint to a commanding 5,041 square kilometres; the largest in the basin. The award is a key milestone for Omega, which leads the joint venture alongside Tri-Star E&P Ltd and Beach Energy Limited, holding 45%, 30%, and 25% interests respectively.
The Taroom Trough is emerging as a promising new oil and gas province, with geology comparable to prolific unconventional basins in the United States. Omega’s CEO Trevor Brown emphasised the strategic importance of the contiguous acreage, noting the area’s proximity to existing infrastructure and the potential for internationally significant hydrocarbon volumes. The joint venture’s combined technical expertise and financial strength set the stage for rapid exploration and appraisal activities.
A Transformational Drilling Campaign in 2026/27
Building on prior successes, including the breakthrough Canyon-1H well, the joint venture plans an extensive drilling program commencing mid-2026. At least four vertical wells are scheduled across both the new PLR2025-1-9 block and Omega’s existing PCAs, with options for horizontal drilling to follow. The campaign aims to delineate multiple stacked Permian reservoir layers, identify ‘sweet spots’, and mature resource estimates to reserves, potentially unlocking substantial oil and gas volumes.
Omega has secured a contract with Helmerich & Payne (Australia) Pty Ltd for the FlexRig 648, ensuring operational efficiency through a continuous drilling campaign. The company is well funded with approximately $54 million available, including expected research and development refunds, to support the program. Early drilling results are anticipated from mid-2026, with updated resource assessments expected by late 2026.
Collaborative Effort to Boost Domestic Energy Security
The joint venture partners collectively acknowledge the Queensland Government’s proactive role in unlocking new oil and gas supply, vital for Australia’s energy security and reducing domestic gas prices. All gas produced from the new acreage is designated for the domestic market, aligning with national priorities to enhance local supply amid global energy uncertainties.
Tri-Star’s CEO Andrew Hackwood highlighted the company’s historical role in pioneering Queensland’s coal seam gas industry and expressed optimism about the Taroom Trough’s potential as a major new domestic source. Beach Energy’s CEO Brett Woods echoed this sentiment, underscoring the opportunity to apply their expertise to accelerate exploration and unlock value from the stacked Permian reservoirs.
As the joint venture moves swiftly into the next phase of exploration, the Taroom Trough stands poised for a transformational year, with the potential to reshape the energy landscape on Australia’s east coast.
Bottom Line?
Omega’s expanded acreage and robust drilling plans set the stage for a pivotal year in unlocking Queensland’s Taroom Trough resources.
Questions in the middle?
- How will initial drilling results from PLR2025-1-9 influence Omega’s resource estimates and development timeline?
- What are the potential impacts of this expanded domestic gas supply on East Coast Australian gas prices?
- How might the partnership dynamics between Omega, Tri-Star, and Beach evolve as exploration progresses?