Omega Oil & Gas (ASX:OMA) said its joint venture, in which it has a 45% stake, has won an award from the Queensland Government for a new land area, PLR2025-1-9, in the Taroom Trough, according to a Tuesday filing with the Australian bourse.
The other parties in the JV are Beach Energy (ASX:BPT), which owns a 25% stake, and Tri-Star, the filing said.
All gas produced from PLR2025-1-9 is to be sold in the domestic market, the filing added.
OMA now holds a commanding position in the Taroom Trough and will immediately start work to incorporate drilling in PLR2025-1-9, the company said.
Shares of the company rose 12% in recent Tuesday trade, while shares of Beach Energy rose 2%.