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Omega wins time to progress its Permian Deep Gas play

Article originally published by Stockhead,

Omega has secured a special amendment to defer completion of the initial work program for its Permian Deep Gas exploration play in Queensland to the end of 2023.

In addition to the amendment to work program for ATP 2037 and ATP 2038, the Queensland Department of Resources also approved the deferral of the company’s relinquishment requirements to the end of 2023.

Omega Oil & Gas’ (ASX:OMA) Permian Deep Gas play is aimed at testing a potential multi-trillion cubic feet basin-centred gas play in Queensland’s Surat Basin where previous drilling by BG Group had yielded gas flow rates ranging from 0.1 to 1 million standard cubic feet per day.

The amendment grants the company more time to drill its first two exploration wells along with a 3D seismic survey to supplement results from the wells and de-risk further appraisal drilling.

Managing director Lauren Bennett said the deferral was an important milestone for the company as it aligned its regulatory obligations with its commercial strategy.