Article originally published by Business Leader.

Omega Oil & Gas (ASX:OMA) is to be listed on the Australian Securities Exchange Ltd (ASX).

The Flannery family cornerstoned the IPO as they look to take advantage of the significant gas shortage playing out on Australia’s East Coast.

The Flannerys committed $4.2m (£3.6m) of the $15.1m (£13m) that Omega raised, with the company having a market cap of around $27.8M (£24m) on debut.

Quentin Flannery, son of AFR Rich Lister Brian Flannery, will be joining the Omega board.

Omega’s IPO is well timed with Australia’s energy needs at an all-time high and existing upstream production struggling to meet demand.