L to R Trevor Brown (Omega) and John R. Bell (Helmerich & Payne) at signing ceremony to formalise the drilling contract for FlexRig® 648

H&P Rig 648 Secured for Omega’s Expanded 2026/27 Taroom Trough Appraisal Program

• Omega has executed a contract with Helmerich & Payne (H&P) for the provision of FlexRig® 648 to undertake Omega’s extensive 2026/27 drilling program 
• The program will appraise the large, emerging Permian unconventional oil and gas play on the eastern flank of the Taroom Trough. If successful, this area could help underpin Australia’s energy security, economic security and liquid fuel security for decades 
• The rig contract is for three firm wells and six optional wells, allowing for a combination of vertical and horizontal wells 
• Subject to permitting, Omega plans to, and is fully funded to, drill at least four wells in our expanded 2026/27 program - a minimum of two wells on our existing PCA areas, and two wells on the recently awarded ATP 2081 (formerly PLR2025-1-9), realising the cost and efficiency benefits of a continuous campaign. Omega also maintains options to drill further horizontal and vertical wells 
• H&P, with vast experience in US unconventional drilling, bring a “state-of-the-art” rig and key personnel, supported by H&P’s global technical support team  
• The FlexRig® 648 is a high-performance, high-capacity drilling rig, well suited for drilling extended-reach horizontal wells 

Multi-TCFE Gas and Liquids Resource Potential in Taroom Trough 

• At least eight wells are expected to be drilled by three different operators across both the western and eastern flanks of the Taroom Trough during 2026 using H&P’s FlexRig® 648, underpinning the growing momentum in the basin. The first well, (Lorelle-3) being drilled for Elixir Energy, is currently underway   
• Omega’s program is scheduled to commence in May 2026 following completion of preceding wells by other operators. The program aims to delineate reservoir and resource distribution over a broad area, identify “sweet spots”, and mature Omega’s resource and reserve base 
• Within the Canyon Project area (PCA’s 342 and 343) Omega has a contingent resource booked of 0.4-1.7-4.5 TCFE (1C-2C-3C)(1) across the top three of five reservoir layers  
• Independent modelling by SLB indicates that a single Canyon Sandstone reservoir layer could deliver a 10-year Estimated Ultimate Recovery (EUR) of ~0.95 MMBOE or 5.72 BCF of gas equivalent from a single 2,000m horizontal development well at 1,000m well spacing 

(1) Following the initial Canyon drilling program, a contingent resource was booked from 0.4-1.7-4.5 TCFE (1C-2C-3C)

Extensive 2026-27 Canyon Project Appraisal Program  

• Omega has established a commanding acreage position in the Taroom Trough through the combination of its existing PCA’s, the recently awarded ATP 2081 (formerly PLR2025-1-9), and a 19.43% interest in Elixir Energy. This gives Omega an acreage interest in 5,041 square kilometres – the largest in the basin
• Results from Omega’s successful Canyon wells, combined with existing seismic and well data from Tasmania-1 (previously drilled on ATP 2081), provides high confidence that the very favourable geologic conditions demonstrated in Omega’s PCA areas extend into ATP 2081. This enables the joint venture to plan drilling operations as early as H2 2026, as soon as requisite permits and agreements have been completed 

Strong Balance Sheet and Fully Funded  

Omega is fully funded for a multi-well program with access to approximately $54 million. Omega will fund 45% of costs in ATP 2081, maintaining capital discipline while retaining meaningful exposure to upside  

Trevor Brown, Chief Executive Officer and Managing Director, commented:  
“Omega is pleased to enter this significant contract with H&P for our Taroom Trough program, utilising one of their “state-of-the-art” rigs along with H&P’s global expertise and extensive unconventional experience. The FlexRig® 648 has already commenced operating nearby - actively advancing appraisal of what we believe is one of Australia’s most compelling unconventional plays. 

With basin-wide drilling in the Taroom Trough during 2026, and our multi-well campaign fast approaching, Omega is entering an exciting growth phase. We believe that our upcoming program, scheduled to commence in May 2026, will further de-risk this exciting play and demonstrate the vast scale of the Taroom Trough’s oil and gas resources” 

Trey Adams, incoming President and Chief Executive Officer, Helmerich & Payne added: 
“Our team is proud to support Omega Oil and Gas as they advance appraisal operations in what is shaping up to be one of Australia’s most prospective unconventional basins. 

At H&P, we focus on safety and efficiency, ensuring our rigs are performing to the highest standard. It was a pleasure to host the Omega team at our head office in Tulsa today for the signing of this important contract, and we look forward to partnering with Omega in the efficient execution of their multi-well program.” 

Omega’s Taroom Trough Acreage Holdings 

Omega Oil and Gas has executed a binding contract with Helmerich & Payne (Australia) Drilling Pty Ltd (H&P) for the provision of a high-specification land drilling rig (Rig 648) to support Omega’s extensive 2026–27 Canyon Project appraisal program.  

Multi-TCFE Oil and Gas Resource Potential in Taroom Trough(2)
 
The Taroom Trough is emerging as a major new oil and gas province. Within Omega’s operated eastern flank areas, the geology is highly attractive, with five stacked Permian reservoir layers across a large area. The geology of the eastern flank contains many features that compare favourably with prolific producing basins in the United States. Only one of the five reservoir layers has been tested with a horizontal well to date.  

2026 – A Transformational Year for the Taroom Trough 

Substantial 2026 drilling campaigns will be undertaken across the Taroom Trough using the H&P FlexRig 648. Omega is exposed to drilling outcomes on both the eastern and western flanks of the Taroom Trough with the Lorelle-3 well, operated by Elixir, currently drilling and Omega’s extensive Canyon Project drilling program scheduled to commence in May 2026. Omega’s program is designed to delineate the quality and extent of multiple, “stacked” reservoir levels, identify “sweet spots” and mature Omega’s resource and reserve base, positioning us to emerge from 2026 with a clear pathway to development and a step-change in scale and value. 

(2) Following the initial Canyon drilling program, a contingent resource was booked from 0.4-1.7- 4.5 TCFE (1C-2C-3C), as outlined in the ASX Announcement titled "Commercial Potential of Canyon Sandstone Confirmed" and dated 26 August 2025.