Omega Oil & Gas Says Data Analysis at Queensland Project Shows Higher Reservoir Pressure; Shares Rise 4%

MT Newswires Live

Jan 08, 2025

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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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.</p><p>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.</p><p>The data confirm the high-quality reservoir and elevated formation pressures observed during drilling, the filing added.</p><p>The DFIT results boost confidence in a multi-trillion cubic feet, resource development across Omega's acreage, the company said.</p><p>These findings position Omega for the Canyon-1H multi-stage hydraulic fracture stimulation, expected to start in February 2025, the company added.</p><p>Shares of the company rose almost 4% in recent Wednesday trade.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OMA.AU","symbol_name":"Omega Oil & Gas Ltd","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2501767607","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501767607","pubTimestamp":1736304543,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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