Beach Energy is now positioned with a 25% stake in a major new petroleum exploration area in Queensland’s Taroom Trough following a successful competitive tender process. The Omega-led joint venture, which also includes operator Omega Oil & Gas Limited (45%) and Tri-Star E&P Ltd (30%), has secured land release PLR2026-1-10, a 1,138 square kilometer addition that expands the combined operated acreage by 63% to 2,947 square kilometers in total.
The newly awarded area is strategically positioned directly adjacent to Omega’s existing 100% owned Canyon Project Area on the eastern flank of the Taroom Trough. Critically, oil and gas flows have already been proven in the adjacent Canyon areas, with current drilling demonstrating substantial resource potential. The Queensland Government’s selection of the joint venture reflects confidence in the group’s technical capability and appraisal strategy, a view reinforced by the state’s formal designation of the Taroom Trough as a strategically important energy province.
For Beach Energy shareholders, the non-operating 25% stake offers meaningful upside participation in exploration and appraisal activities while allowing the company to manage operational risk effectively. This structure is consistent with Beach Energy’s approach in emerging exploration plays, providing exposure to prospective acreage without requiring sole operational responsibility. The positioning on trend with proven hydrocarbon systems in adjacent areas creates strong potential for resource definition over coming years.
The joint venture’s 2026/27 appraisal campaign is actively underway with four vertical wells and one to two horizontal wells scheduled for drilling. The Canyon-4 vertical well is currently progressing toward its primary objective in the Canyon Sandstone interval. These drilling results will be critical for determining commercial viability and establishing the resource scale across the newly awarded acreage. The venture has retained flexibility to exercise additional rig contract options as operational results warrant.
Investors should closely monitor progress on the appraisal campaign, particularly drilling outcomes that will define the resource potential across Beach Energy’s acreage stake. The tenure award remains subject to completion of Queensland Government processes. With expanded acreage, proven adjacent hydrocarbon systems, and an active appraisal program now in place, the venture is positioning itself to potentially move toward commercial development decisions in coming years. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About Beach Energy Limited (ASX: BPT)
Beach Energy Limited is an oil and gas exploration and production company headquartered in Adelaide, South Australia. It produces gas, oil, and natural gas liquids from five basins across Australia and New Zealand. The company explores, develops, and transports hydrocarbons including liquified natural gas, liquified petroleum gas, condensate, and oil.
If you would like to discuss this announcement or how it might affect your portfolio, request a callback or call us on 1300 889 603.
