How to buy shares in Omega Oil & Gas
Omega looking to unlock Australia’s gas assets in support of future energy demands.
Omega Oil & Gas
25 October 2022
Conversations around energy security are heating up around the world, particularly as Europe braces for winter blackouts as a result of Russia cutting off supply.
Despite not being impacted as much by European geopolitics, Australia’s energy supply and security is still being closely monitored. The Australian Competition and Consumer Commission has forecast a shortfall in 2023 particularly along the east coast of the country.
Much of the gas produced in this market is by companies that export it offshore, but that’s where Omega Oil & Gas is looking at opportunity.
The company has listed on the ASX following a $15m raise and hopes to begin drilling of two wells in Queensland’s Surat Basin. The two permits represent an area of over 250k acres and are located roughly 50km away from critical gas transmission infrastructure.
The Basin has previously been explored by the BG Group, but Omega says its new design will achieve substantially higher flow rates.
It’s not just gas that Omega can explore in the area, but both wells contain a significant amount of hydrocarbon liquids. This means Omega could eventually produce the liquids, which the company has said it would only do if it doesn’t cause production delays.
The company also has an oil resource with historical production, acting as a degree of insurance in the event that the gas exploration does not go as well as expected.
Omega Oil and Gas is available to trade on Stake now under the ticker $OMA.