Australian Petroleum

Tri-Star is a significant equity interest holder of the ASX-listed Omega Oil and Gas Limited. Omega's key assets comprise two permits on the western side of the Taroom Trough - Canyon and Canyon North - targeting a deep Permian unconventional resource play. Omega holds a material equity interest in the ASX-listed Elixir Energy who hold acreage on the western side of the Taroom Trough. Tri-Star supports Omega through Board representation, participation on the Technical Committee, and the provision of services under a Services Agreement.

In 2025, Omega drilled the Canyon 1H discovery well which produced peak instantaneous flow rates of 452 bopd and 0.6mmscf/d of gas on test with a 24-hour sustained rate of 321 bopd (0.472mmscf/d of gas). Normalised rates indicate the production profile is comparable to Permian Basin (West Texas) wells in the Wolfcamp A, Bone Springs and Dean plays.

The ATP 2081 Joint Venture comprises Omega Oil and Gas Limited (45%), Tri-Star (30%) and Beach Energy (25%). The Joint Venture holds the Canyon North permit (ATP 2081) within the Taroom Trough, targeting a deep Permian unconventional resource play analogous to the Canyon Project.

Tri-Star maintains an option to enter Beach Energy's onshore Otway Basin tenure position across South Australia and Victoria, subject to the outcomes of an agreed technical work program. The project is focused on conventional gas targets within the Penola Trough. The Joint Venture (Beach Energy 70%, Tri-Star 30%) also holds RSELA 812, which was successfully awarded during the 2025 gazettal round.

Gilbert Gully is a coal seam gas (CSG) appraisal project in Queensland targeting the Walloon Coal Measures. Strategically positioned near key infrastructure and established CSG fields, the project is well understood and hosts an independently certified 2C gas resource of 783.2 BCF.

Located within the Eromanga Basin overlying the Birdsville Track Ridge in South Australia, the project is targeting a conventional oil play that may represent an extension of the Western Flank fairway of the Cooper Basin.

Covering approximately 2,024 km² and located around 65 km southwest of Moura in Queensland, the asset is a greenfields coal seam gas (CSG) exploration project within the Bowen Basin. Tri-Star plans to advance exploration through the drilling of stratigraphic wells into the Moolayember Coal Measures to assess the potential for a prospective CSG resource.