OMEGA OIL & GAS LIMITED (OMA)
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30/01/2026

1

Speculative Buy

$0.56

8.74%

Progress at the Canyon appraisal project and a strategic 19.43% stake in Elixir Energy ((EXR)) were highlights for Omega Oil & Gas in the December quarter, Morgans notes.

The broker explains Canyon has evolved into a dual oil and gas appraisal following encouraging oil flows, with multiple wells planned across both eastern and western flanks of the Taroom Trough.

A strong funding position supports Omega's forward program. Speculative Buy maintained.

Target trimmed to 56c from 64c mainly on dilution following equity raising.

01/08/2026

1

Buy

$1.25

142.72%

Canaccord Genuity maintains a Speculative Buy rating for Omega Oil & Gas with a $1.25 target price ahead of a four-well vertical drilling campaign at the Canyon project.

Commencing at Canyon-3 by late July 2026, the program aims to confirm continuity across overpressured Permian sand reservoirs along the eastern flank acreage.

Following vertical delineation, one or two 2,000m horizontal laterals will undergo fracture stimulation and 6-month flow testing in the first half of 2027.

Supported by a completed $60m equity placement, cash reserves closed at $102m with zero debt to fully fund upcoming operational commitments.

The analyst sees potential for significant resource expansion beyond the existing 1.7TCFe 2C booking should drilling validate reservoir continuity across the Back Creek Group and Kianga Formation.