OMEGA OIL & GAS LIMITED DISCLOSURECurrent Reports (8-K / ad hoc)

Quarterly Activities Report and Appendix 5B

A dynamic Australian E&P company with a sole focus on unlocking oil and gas resources in Queensland’s Taroom Trough. 28 JULY 2026 | ASX ANNOUNCEMENT Quarterly Activities Report for the Period ending 30 June 2026 HIGHLIGHTS Strong balance sheet fully funds the next phase of growth • Ended the Quarter with $102 million in cash and no debt • Successfully completed a $60 million equity raising, materially strengthening the Company's balance sheet • Fully funded for an expanded program comprising four vertical wells and one to two horizontal wells, including stimulation and flow testing. Omega retains flexibility to use rig contract options as results warrant Omega commences transformational drilling program • Omega’s 2026/27 drilling program has commenced with the Helmerich & Payne FlexRig® 648 currently undertaking rig-up activities to Omega's Canyon-3 well location. Canyon-3 is due to commence drilling around the end of July • The program is designed to define the outstanding potential of Omega's acreage on the eastern flank of the Taroom Trough, which is expected to contain internationally significant volumes of oil and gas – delivering significant value while strengthening Australia’s energy and liquid fuel security • Land access has been secured for the first well location in ATP 2081, being delivered in just over three months from grant of the tenure is an industry-leading outcome • Subject to JV approval, the first well in ATP 2081 will be drilled as the third well in Omega’s 2026/27 drilling program Taroom Trough momentum continues to build • Since February 2026 four horizontal wells have been drilled on the western flank of the Taroom Trough by other operators using the Helmerich & Payne FlexRig® 648 • Omega’s focus is centred on the eastern flank of the Taroom Trough which has attractive geological characteristics analogous to some of the best unconventional basins in the US, including depositional setting, reservoir targets, structural configuration and the presence of oil • Queensland Government commenced implementation of the Taroom Trough Development Plan, with the first meeting held on 1 June 2026. The Office of the Coordinator-General is leading the initiative to streamline approvals, plan and coordinate infrastructure and accelerate basin development For personal use only Omega Oil &