Omega Oil & Gas - Investee Company Update

Gunsynd PLC

23 October 2023

 

Gunsynd plc

("Gunsynd" or the "Company")

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. 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris / Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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