Macallum New Energy (ASX: MNE) Share Price Rises, Here’s Why

Sonal Goyal

07 August 2026 01:37 PM AEST

Macallum New Energy (ASX: MNE) Share Price Rises, Here’s Why

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Key Highlights

Macallum New Energy Ltd announced a maiden independent Prospective Resource estimate for the Aberfeldy Prospect in Western Australia.
Aberfeldy has been assessed across alternative oil-bearing and gas-bearing scenarios within the company’s EP-494 permit.
The company is expanding its exploration portfolio across the underexplored southern Perth Basin.
Macallum New Energy is progressing technical studies ahead of potential future drilling activities.

Macallum New Energy Ltd (ASX:MNE) share price was trading at AUD 0.16 at the time of writing on 7 August 2026, recording a rise of 14.29% or AUD 0.020 on the day. The movement follows the company’s announcement of a maiden independently certified Prospective Resource estimate for the Aberfeldy Prospect within its 100%-owned EP-494 exploration permit. Macallum New Energy is focused on identifying oil and gas opportunities in Western Australia’s Perth Basin through exploration, seismic analysis, and portfolio development.

Aberfeldy Prospect Expands Exploration Portfolio

The Aberfeldy Prospect represents the first oil-focused opportunity added to Macallum New Energy’s growing exploration portfolio. Located within EP-494 in the onshore North Perth Basin, the prospect has been independently assessed by Molyneux Advisors Pty Ltd, an independent petroleum advisory firm.

The assessment identified two alternative resource scenarios due to uncertainty regarding whether the Intra Yarragadee reservoir contains oil or gas. Under the oil-bearing scenario, the mean Prospective Resource estimate includes 52.6 million barrels of oil and 54 petajoules of gas. Under the gas-bearing scenario, the estimate includes 26.2 million barrels of oil and 142 petajoules of gas.

The company highlighted that these scenarios are alternatives and cannot be combined, as only one outcome can occur depending on future exploration results and reservoir characteristics.

Perth Basin Exploration Strategy

Macallum New Energy’s exploration strategy is centred on the Perth Basin, a region with established hydrocarbon potential but areas that remain underexplored. The company holds a 100% interest in EP-494 and continues to evaluate additional opportunities within its exploration permits.

Through seismic programs, reprocessing of historical seismic data, and analysis of newly available information, the company has identified additional exploration targets. These activities have contributed to the identification of a new prospect and three additional leads within EP-494 that may contain oil and gas potential.

The company believes the expanded portfolio provides multiple opportunities for future exploration programs. Macallum New Energy is working toward a potential drilling campaign in late 2027, subject to further technical evaluation, planning, and approvals.

Technical Assessment and Exploration Risks

The independent assessment of Aberfeldy provides a technical foundation for potential future drilling decisions. Petroleum exploration companies typically undertake resource assessments to evaluate geological potential before committing significant capital to drilling programs.

The Prospective Resource estimate relates to undiscovered accumulations and carries both geological discovery risk and development risk. Molyneux Advisors assessed Aberfeldy with a 25% chance of geological discovery and a 55% chance of development following a discovery.

Further exploration, appraisal, and evaluation activities will be required to determine whether commercially recoverable hydrocarbons exist. Drilling results will ultimately provide greater clarity regarding reservoir quality, hydrocarbon presence, and development potential.

Energy Market Positioning

Macallum New Energy’s focus on domestic oil and gas exploration comes as energy security and local supply considerations remain important topics within the Australian market. The company has highlighted potential links between future domestic hydrocarbon discoveries and broader energy infrastructure requirements.

The Perth Basin continues to attract exploration interest due to its geological history and proximity to existing energy infrastructure. Companies operating in the region are assessing opportunities across oil and gas targets using modern seismic interpretation and exploration techniques.

For Macallum New Energy, advancing its exploration portfolio will depend on technical success, capital management, regulatory approvals, and future drilling outcomes.

Conclusion

Macallum New Energy Ltd (ASX: MNE) has expanded its exploration profile with the maiden Prospective Resource estimate for the Aberfeldy Prospect in the Perth Basin. The independent assessment adds oil and gas potential to the company’s portfolio while supporting further evaluation of EP-494. As Macallum continues to mature its exploration targets, future drilling activities and technical results will be important in determining the potential significance of its energy assets.

FAQs

Q: What is Macallum New Energy Ltd’s ASX ticker?

A: Macallum New Energy Ltd trades on the Australian Securities Exchange under the ticker ASX: MNE.

Q: What is the Aberfeldy Prospect?

A: The Aberfeldy Prospect is an oil and gas exploration target located within Macallum New Energy’s 100%-owned EP-494 permit in the North Perth Basin, Western Australia.

Q: What resource estimate was announced for Aberfeldy?

A: The independent assessment identified alternative oil-bearing and gas-bearing scenarios, including a mean estimate of 52.6 million barrels of oil and 54 petajoules of gas under the oil-bearing scenario.

Q: What is the focus of Macallum New Energy’s exploration strategy?

A: The company is focused on identifying and advancing oil and gas exploration opportunities across its Perth Basin permits.

Q: What factors could influence Macallum New Energy’s share price?

A: Factors may include exploration results, drilling success, resource assessments, energy market conditions, regulatory approvals, and investor sentiment toward the energy sector.

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