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Qld billionaire $5m richer after gas discovery

Article originally published by The Courier Mail.

One of Queensland’s richest men has added $5m to his wealth this week thanks to a bigger-than-expected gas discovery in the Surat Basin. Shares in Omega have shot up more than 72 per cent. The shares ended the week 63 per cent higher at 31 cents.

Exploration permits held by Omega potentially hold up to three trillion cubic feet of gas and 233 million barrels of oil, a reserve that could last for a decade. Omega chief executive Lauren Bennett tells your diarist that the company’s proximity to well established Queensland gas infrastructure and clear demand for more gas to feed industry, put the company in a favourable position as it continued to work on the project.