Latest Oil And Gas Exploration News

Gulf Stream Energy ended the September quarter with just A$234,000 in cash after A$2.893 million of operating outflows, leaving an estimated 0.1 quarters of funding. The company says capital-raising activity has commenced after significant spending on the Zydeco-1 well.

88 Energy has secured more than 80% of the services and long-lead items needed for its planned Augusta-1 well, while several bids have emerged for a South Prudhoe farm-out. The progress comes with A$5.0 million in cash and a reported 2.85 quarters of funding based on current outgoings.

Key Petroleum recorded no exploration, development or production activity in the September quarter as eight Queensland applications remained undecided. A A$247,053 placement lifted cash to A$329,410, but the company’s own funding estimate points to a limited runway on current outflows.

Helios Energy has posted a A$23.1 million FY2026 loss after writing off A$21.35 million in exploration assets. Its Presidio project retains a 17.5 million-barrel-of-oil-equivalent 2C contingent resource estimate, but the company warns that continued operations depend on further funding.

Key Petroleum reduced its FY2026 loss, but the oil and gas explorer continues to rely on equity funding while awaiting Queensland Government decisions on ATP 920 and ATP 924. An auditor’s unmodified opinion still highlights material uncertainty over the company’s ability to continue as a going concern.

Omega Oil & Gas has been selected as preferred tenderer for 1,138 square kilometres of new Taroom Trough acreage, taking its operated position to 2,947 square kilometres. The award remains subject to Queensland Government processes, but would materially enlarge the company’s exploration inventory alongside Beach Energy and Tri-Star E&P.

Invictus Energy has awarded SLB a key well services contract for the Musuma-1 exploration well in Zimbabwe, adding another operational piece ahead of a planned November 2026 spud. Wellpad construction is progressing and Exalo has begun readiness work on Rig 202.

Omega Oil & Gas has commenced drilling at Canyon-4, the second well in its fully funded 2026/27 appraisal campaign targeting stacked Permian oil and gas reservoirs in Queensland’s Taroom Trough.

ADX Energy has lodged a third exploration permit application offshore Italy, expanding its Sicily Channel gas play footprint to around 1650 km2 amid encouraging geological assessments.

Tetragon Energy has boosted its mid-case prospective gas resource at the Halcon prospect in the Philippines from 2.6 TCF to 8.0 TCF, significantly enhancing the value of its offshore permits and improving the geological chance of success.

An independent expert has pegged 3D Energi’s 20% stake in VIC/P79 at US$19.8 million, setting a September deadline for ConocoPhillips to exercise its buy-out right. The valuation, however, is contested by 3D Energi’s board.

Elixir Energy has marked FY26 with major progress in Queensland’s Taroom Trough, expanding contingent gas resources by 32% and securing a strategic $16.6 million capital raise led by Omega Oil and Gas. The company’s operational advances and government backing position it as a key player in Australia’s energy security landscape.