OMEGA OIL & GAS LIMITED (OMA)
Share Price Analysis and Chart

25/08/2026

1

Speculative Buy

$1.40

76.10%

Bell Potter maintains its Speculative Buy recommendation for Omega Oil & Gas with its target price unchanged at $1.40 following positive drilling results from the Canyon-3 well within the 2026/27 program.

The well reached a total depth of 3,793m and encountered a 526m thick hydrocarbon-bearing Permian interval with 170m of aggregate net pay, exceeding pre-drill expectations.

The broker highlights that the discovery of the Lower Kianga as a sixth stacked reservoir target and the expanded lateral continuity reinforce the multi-zone potential of the Taroom Trough acreage.

The analyst notes that the company remains fully funded for its ongoing appraisal program with $102m in cash and no debt as of 30 June 2026.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.50 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -1.00 cents.

28/09/2026

1

Speculative Buy

$1.25

57.23%

Canaccord Genuity maintains a Speculative Buy rating for Omega Oil & Gas with an unchanged $1.25 target price following the selection of its joint venture as preferred tenderer for Queensland land release PLR2026-1-10.

The awarded block adds 1,138 square kilometres of prospective ground in the Taroom Trough, expanding operated acreage by 63% to 2,947 square kilometres alongside joint venture partners Tri-Star E&P and Beach Energy.

The analyst highlights the new permit adjoins the Canyon project area, sitting directly on trend with the proven eastern-flank fairway within the over-pressured section.

Drilling momentum continues following the spud of the Canyon-4 appraisal well on 7 September 2026, targeting stacked Permian reservoirs across more than 400 square kilometres with results expected near the end of September.

Canaccord Genuity views the macroeconomic backdrop as supportive for domestic east-coast gas developers, underpinned by firm global liquefied natural gas prices and recent softening in proposed federal gas reservation mandates.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.20 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -1.40 cents.