Latest Oil And Gas Exploration News

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.

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.

Key Petroleum has secured commitments for 3.38 million new shares at 7.3 cents each, raising approximately $247,000 before costs. The funds will support potential asset acquisitions, existing asset development and working capital, though the company has not disclosed the resulting dilution.

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.

Galilee Energy posted a $5.42 million loss for FY2026 amid heavy investment in its US Zydeco Gas Project and progressing the sale of its Australian Glenaras asset. The company is pivoting to US operations with drilling underway and a $3.5 million placement announced.

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.

Stonehorse Energy has sold its US Lone Star oil and gas interests for US$1.114 million, shifting focus to expanding its Drumheller development program in Alberta.

Beetaloo Energy is advancing its vast gas resource in the Beetaloo Basin, aiming for first gas sales by late 2026, backed by a binding NT Government agreement and key infrastructure investments.

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.

Tamboran Resources is poised to deliver first gas sales from its Beetaloo Basin pilot project, backed by a robust balance sheet and strategic partnerships aiming to slash drilling costs.

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.