Omega Oil and Gas Limited has advanced its exploration program in Queensland’s Taroom Trough, reporting a transformative quarter concluding 31 March 2025. The company’s work at the Canyon-1H well delivered encouraging oil and gas flows, with a 650‐meter lateral section producing peak rates of 452 barrels of 49.5 API oil and 0.60 million standard cubic feet of gas per day. Sustained 24‑hour rates from a 2000‑meter lateral translate to 987 barrels per day and 1.45 million standard cubic feet per day, indicating robust reservoir quality and opening up dual development pathways. The company has confirmed that its exploration and appraisal activities are well funded. Omega Oil and Gas is moving forward with an under‑budget fracture stimulation program and anticipates a research and development tax refund to further support its initiatives. Data from cased‑hole wireline logs on the adjacent Canyon-2 well is under interpretation, with diagnostic fracture injection tests slated to commence in May. Plans for seismic acquisition, additional drilling, commercial modelling, and strategic partnering are all scheduled as key milestones during the second half of 2025. In a significant boost to the company’s governance and industry expertise, Martin Houston has been appointed as Chair of the Board. Houston brings nearly four decades of global oil and gas experience, having previously served as Chief Operating Officer at a major international energy firm and co‑founded another successful energy company. His appointment adds credibility and reinforces the company’s vision to unlock the vast potential of its assets. On the finance front, Omega Oil and Gas successfully completed a A$7 million institutional placement at $0.315 per share, executed at no discount. The placement was strongly supported by both major and new investors, including significant backing from long-term shareholders. Despite exploration and evaluation expenditures on the Canyon-1H project totaling A$7.6 million, the company maintains a robust funding position. Reported cash and cash equivalents stood at A$9.4 million at the end of March, a figure which could have been approximately A$13.6 million when deferred funds are taken into account. Investors may interpret the strong oil and gas flows and technical success at Canyon-1H as bullish factors. The impressive test results validate the company’s approach and enhance the commercial potential of its exploration acreage, while the strategic appointment of Martin Houston and strong capital support reinforce confidence among investors. Conversely, some market participants might view the high exploration expenditure and the exploratory stage of the project as bearish, pointing to inherent risks in early-stage petroleum evaluation and the relatively short runway if operating cash outflows continue. Overall, the report underscores a pivotal moment for Omega Oil and Gas Limited, as technical breakthroughs and strategic financial moves set the stage for an accelerated appraisal campaign and future development opportunities in a significant emerging petroleum province.