Omega Oil & Gas - Investee Company Update

Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement by its investee company Omega Oil and Gas Limited ("Omega"), an ASX listed Australian energy and resources company focused on natural gas exploration and oil production (ASX: OMA), on its Basin-Centred Gas drilling campaign.

Omega stated that:

• Estimated maiden gross 2C contingent resources of 1.73 trillion cubic feet ("TCF") and 3C contingent resources of 4.5 TCF across Omega Oil and Gas' 100% owned ATPs 2037 and 2038 in Queensland's Taroom Trough.
• Net 2C contingent resources comprise 1.51 TCF Gas and 68.6 million barrels (MMBBLS) of condensate.
• The independent resource assessment, based on the Canyon drilling campaign results, was conducted by Netherland, Sewell & Associates, Inc., a global leader in petroleum property analysis.
• Allocated resources based on a modelled average reservoir thickness of 27m in the Kianga Formation which is 221m thick at the site of the Canyon 2 well.
• Strong growth potential, with further assessment to be considered on other hydrocarbon-bearing reservoirs within the Kianga Formation and the Back Creek Group, which are highly prospective.
• The next phase of exploration and appraisal includes an innovative horizontal well targeting the Kianga Formation and a multi-stage stimulation.
• The $21 million capital raising completed on 8 August 2023 fully funds the next stage of exploration and appraisal.

Gunsynd subscribed for 450,000 shares at AUD 20 cents per ordinary share for a total consideration of AUD$90,000 (approximately £50,000) as part of the IPO fundraising announced on 25 October 2022.