Omega Oil & Gas Limited (ASX: OMA) announced on November 13, 2026, significant operational progress at its Canyon North-1 well, part of the ATP 2081 Joint Venture in Queensland. The company, an Australian exploration firm focused on unlocking oil and gas resources in Queensland’s Taroom Trough, has reported achieving gas to surface with the highest gas shows recorded to date from what is now Queensland’s deepest well. Omega’s breakthrough at the Canyon-1H well previously revealed substantial oil and gas flows, highlighting a large and prospective petroleum system.
The Canyon North-1 well, operated by Omega (45%) alongside Tri-Star (30%) and Beach Energy (25%), reached a total depth of 4,700 metres measured depth (MD) in basement, marking it as the deepest well ever drilled in Queensland. The Joint Venture elected to extend drilling beyond the initial target of approximately 4,000 metres MD to fully penetrate the Muggleton Formation. This decision was based on encouraging results from the Muggleton Formation in the Canyon-4 well and high gas shows observed in Canyon North-1. During drilling, extremely high gas shows were consistently encountered within the Muggleton Formation, leading to a controlled flaring of gas influx at the surface. High gas shows were also noted in the Lower Kianga Formation and Canyon Sandstone intervals, with pressures consistent with the high pore pressures obtained in Canyon-1H.
Trevor Brown, CEO and Managing Director, commented that Canyon North-1 delivered the highest gas shows recorded to date, validating the decision to deepen the well. He highlighted that gas influx from unstimulated rock at such depths and high pressures strengthens the conviction that the Taroom Trough hosts a very large, regionally extensive petroleum system, adding to a growing body of evidence. Current operations are focused on preparing the well for a comprehensive wireline logging program. Looking ahead, Omega plans to release Canyon North-1 results post-logging, with Canyon North-2 drilling to follow in late 2026, and horizontal appraisal and flow testing scheduled for the first half of 2027.
