Article originally published by Stockhead.

Omega Oil & Gas is gearing up to execute its two well Permian Deep Gas (PDG) exploration program – within ATP 2037 and 2038 – in Southeast Queensland in Q1 2023.

The company’s Surat Basin acreage spans over 250,000 acres and is around 50kms from existing gas infrastructure and pipelines which feed into the Aussie East Coast gas market and Gladstone LNG export terminals.

The plan is to test the Permian Deep Gas potential of tight sandstones within the Permian Kianga Formation, which has an independent prospective resource of 3TCF of gas and 233 mmbbl of associated liquids.

Omega Oil & Gas (ASX:OMA) has contracted the services of SLB (formerly Schlumberger) Land Rig 185 for two firm wells and two contingent wells.

“Omega is now very well positioned to commence drilling in Q1 2023,” MD Lauren Bennett said.