Omega Oil & Gas (ASX:OMA) said that data analysis at its Canyon Gas Field project in Queensland showed high reservoir pressure, according to a Wednesday filing with the Australian bourse.
The analysis, part of a diagnostic fracture injection test (DFIT), showed a higher reservoir pressure of 0.8 pounds per square inch per foot and lower geo-mechanical stress, the filing said.
The data confirm the high-quality reservoir and elevated formation pressures observed during drilling, the filing added.
The DFIT results boost confidence in a multi-trillion cubic feet, resource development across Omega's acreage, the company said.
These findings position Omega for the Canyon-1H multi-stage hydraulic fracture stimulation, expected to start in February 2025, the company added.
Shares of the company rose almost 4% in recent Wednesday trade.
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