Latest Oil Gas News

Xstate Resources has secured preferred tenderer status for a 305 square kilometre block in Queensland’s Taroom Trough, with the company set to initially operate a four-party joint venture. The prospective acreage offers exposure to basin-centred gas, associated liquids and light crude, but the licence remains subject to government processes.

Fitzroy River has completed the sale of its Bowdens Silver royalty for A$17.5 million, receiving A$10 million in cash and A$7.5 million in Silver Mines shares. The company has not yet disclosed how or when the proceeds will be returned to shareholders.

Tamboran Resources has delivered first gas from the Beetaloo Basin into the Northern Territory network, while completing its Sturt Plateau compression facility about US$9 million below forecast. The commercial milestone remains an early-stage start: volumes are demand-limited and commissioning is still underway.

Galilee Energy will begin sidetracking the Zydeco-1 well on 28 September to test five shallow oil zones in Louisiana. The A$3.5 million program is funded, but any move into production still depends on drilling, evaluation and flow-test results.

Bounty Oil & Gas NL (ASX:BUY) is pursuing a 2,322 km² deepwater exploration block offshore Liberia, backed by a $3.55 million placement and major vendor-linked securities. The opportunity remains conditional: the block has no executed production sharing contract, no independent resource estimate and has not yet been reviewed directly by Bounty.

Anson Resources has completed environmental baseline surveys at its Yellow Cat uranium-vanadium project in Utah, clearing a stated hurdle ahead of planned drilling. The next test is whether twin holes can validate historical high-grade results and support a maiden JORC 2012 resource estimate.

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.

AXP Energy says its Charlie #1 well delivered an operating-rate equivalent of approximately 55 barrels of oil equivalent per day during a controlled 10-day test. The result is encouraging, but water-handling upgrades and longer-duration data are still needed before the well can move into permanent production.

H3 Energy says four prospective partners have completed initial evaluations of its Warro gas project and been invited to submit commercial proposals. At Alinya, multiple global energy companies have signed confidentiality agreements and entered the data room, but no binding farm-out deal has yet been secured.

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.

Galilee Energy has broadened its Zydeco Oil & Gas Project sidetrack to evaluate seven distinct hydrocarbon targets from a single wellbore in Louisiana, adding five new shallow oil prospects with a combined unrisked gross prospective resource of up to 423,000 barrels.