Omega Oil & Gas - Investee Company Update
Investee company Omega Oil & Gas to commence Canyon-1H fracture stimulation program on 2 March 2025.
- Gunsynd investment in Omega AUD$90,000 (approximately £50,000)
- Gunsynd shareholding 450,000 shares at AUD 20 cents per share
- Canyon-1H fracture stimulation duration 5-7 days
- Flow test duration approximately 30 days
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Gunsynd Plc (AIM: 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.
KEY POINTS
Omega set to commence Canyon-1H Fracture Stimulation Program
Fracture stimulation and flowback testing program is scheduled to begin on 2 March 2025
Estimated duration of 5-7 days followed by a flow test of approximately 30 days duration.
Objective of this testing program is to demonstrate potentially commercial flow rates from the Canyon Sandstone.
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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.