Tri-Star hikes stake in Aussie gas company

Privately-owned Australian gas company Tri-Star has acquired an additional stake in Sydney-listed Omega Oil & Gas, making it the second-largest shareholder with a 19.9% ownership, Omega announced on August 8.

This move by Tri-Star aligns with Omega's forward strategy, focused on demonstrating commercial flow rates from its tight gas sands play in the Southern Taroom trough, the company added.

Omega has announced the successful completion of an institutional capital raise, securing over A$21mn in commitments. The funds raised will be used by Omega to drill and complete a fracture-stimulated, horizontal well into the Southern Taroom trough as part of their plan to ultimately prove the commerciality of this new gas play in western Queensland.

Moreover, Omega is looking to collaborate with strategic partners through farm-in discussions, aimed at accelerating pathways to commercial production. The company is also exploring various field development strategies and potential infrastructure partnerships that will support its appraisal plans.