Highlights

  • Macallum New Energy has successfully completed the Condor 2D seismic survey across its North Perth Basin exploration permits.
  • The survey acquired 68.8 kilometres of new seismic data across EP-511 and the Condor lead within EP-494.
  • The program represents the first block-wide seismic survey undertaken across the company's 100%-owned EP-511 permit.
  • Processed results from both the Condor 2D survey and Barberton 3D survey are expected during Q3 2026.

Macallum New Energy Limited (ASX:MNE) has completed its 2026 seismic Acquisition program following the successful conclusion of the Condor 2D seismic survey across its exploration permits in Western Australia's North Perth Basin. The completion marks a significant operational milestone for the company as it continues to advance its exploration strategy across its wholly owned EP-494 and EP-511 permits.

The seismic program was designed to improve geological understanding across key exploration targets, including the Jurassic Condor lead, while also delivering the first comprehensive seismic coverage across EP-511. According to the company, the survey forms part of its broader data-driven approach to exploration and provides an important foundation for future prospect evaluation and drilling decisions.

Shares of Macallum New Energy were trading at AUD 0.15 during the afternoon session on 9 June 2026, down 3.23% on the day. The stock remains down 37.50% over the past 12 months.

About Macallum New Energy

Macallum New Energy is an Australian oil and gas exploration company focused on the assessment and advancement of exploration Assets within the onshore North Perth Basin.

The company owns 100% of exploration permits EP-494 and EP-511, which contain several prospective gas targets and exploration opportunities.

Management's current strategy centres on systematically reducing geological uncertainty through targeted exploration programs, Geophysical surveys and technical studies before advancing prospects toward potential drilling activities.

The completion of the Condor survey represents another step in this process.

Condor Survey Delivers New Data Across Key Exploration Areas

The recently completed Condor 2D seismic survey acquired a total of 68.8 kilometres of new seismic data across EP-511 and portions of EP-494.

According to the company, the survey was specifically designed to improve understanding of the Jurassic Condor lead while also delivering broader coverage across areas that have historically seen limited modern seismic activity.

The acquisition provides Macallum with a significantly larger dataset than previously available across these permits.

Management believes the information generated by the survey will assist in identifying and refining future exploration opportunities.

The new data is expected to contribute to future resource assessments and prospect ranking exercises.

First Block-Wide Survey Completed at EP-511

One of the most significant aspects of the announcement is the fact that the Condor program represents the first block-wide seismic survey conducted across EP-511.

Prior to the latest acquisition, the permit contained only a single 2D seismic line that was collected in 1966.

The company stated that the new survey provides a substantially improved subsurface dataset compared with the historical information previously available.

By expanding seismic coverage across the permit, Macallum aims to develop a more comprehensive understanding of geological structures and potential hydrocarbon targets.

The enhanced dataset is expected to play a key role in future exploration planning.

Work Commitment Successfully Completed

The completion of the Condor survey also satisfies Macallum's exploration obligations for permit year three within EP-511.

The permit required acquisition of at least 25 kilometres of new 2D seismic data.

With 68.8 kilometres successfully completed, the company has exceeded that commitment.

Meeting exploration obligations remains an important aspect of permit management and project advancement.

Management indicated that completion of the survey marks a significant milestone within its planned work program and reflects continued progress across the North Perth Basin portfolio.

Operational Challenges Successfully Managed

The survey was conducted within a complex operating environment surrounding the town of Muchea in Western Australia.

According to the company, the acquisition program involved extensive stakeholder engagement due to the large number of private landowners requiring access agreements.

The project also required significant traffic management planning because sections of the survey crossed major transport corridors, including the Great Northern Highway and Brand Highway.

Despite these logistical challenges, Macallum reported that the survey was completed safely and successfully.

The company acknowledged the importance of careful planning and coordination in delivering the program.

GeoPulse Technology Used in Western Australia for the First Time

A notable technical aspect of the project was the use of GeoPulse seismic source technology.

According to Macallum, this was the first time the technology had been deployed in Western Australia.

Management described the system as an important development for seismic acquisition due to its ability to improve access while minimising ground disturbance.

The company stated that the technology allowed survey work to be completed with reduced environmental impact compared with some traditional acquisition methods.

The successful deployment of the system may provide additional flexibility for future seismic programs.

The technology was viewed as particularly useful in areas where environmental sensitivity and land access considerations are important.

Focus on the Jurassic Condor Lead

One of the principal objectives of the survey was to improve understanding of the Jurassic Condor lead located within EP-494.

The Condor lead had previously been identified using legacy 2D seismic information.

However, management believes the newly acquired dataset will provide a more detailed subsurface image of the prospect.

The improved geological information is expected to assist in evaluating the lead's exploration potential and refining future technical assessments.

The survey forms part of a broader effort to reassess exploration opportunities across the company's permit portfolio using modern datasets and updated geological interpretations.

Data Processing Now Underway

With acquisition activities complete, attention has shifted toward processing and interpretation.

Macallum confirmed that the newly acquired seismic data will be processed by Velseis Processing Pty Ltd at its Brisbane processing centre.

The company expects processed results from both the Condor 2D survey and the Barberton 3D survey to be delivered during the third quarter of 2026.

Data processing represents a critical stage in transforming raw seismic information into interpretable geological images.

Management indicated that interpretation work will commence once processed datasets become available.

The results are expected to provide additional insight into prospectivity across both permits.

Portfolio Review Planned Following Interpretation

Following completion of data processing and interpretation activities, Macallum intends to undertake a broader review of its exploration portfolio.

The company stated that an updated assessment of exploration opportunities will be provided to the market during the third quarter of 2026.

This review is expected to include updated resource assessments and future exploration priorities.

Importantly, management also indicated that forward plans could include drilling one or more identified prospects.

The upcoming review therefore represents a potentially important stage in the progression of the company's exploration strategy.

Investors are likely to monitor these outcomes closely as new technical information becomes available.

North Perth Basin Remains Core Exploration Focus

The North Perth Basin continues to represent the centrepiece of Macallum's exploration activities.

The basin has long been recognised as one of Australia's significant onshore hydrocarbon provinces and remains an area of ongoing exploration interest.

Macallum believes its permits contain a portfolio of mature exploration opportunities that can be progressively evaluated through structured work programs.

The company has emphasised a disciplined approach to exploration, with seismic acquisition and technical interpretation forming critical components of its strategy.

The completion of the Condor survey advances that objective by adding a substantial amount of new geological information to the project database.

Multiple Exploration Milestones Ahead

Although the acquisition phase has now concluded, several important milestones remain ahead for the company.

The first will be delivery of the processed Condor 2D and Barberton 3D datasets during Q3 2026.

This will be followed by interpretation work aimed at refining geological models and evaluating prospectivity.

The company also intends to provide updated resource assessments and forward exploration plans.

Potential drilling decisions may ultimately emerge from the interpretation process if prospects are considered suitable for further advancement.

These milestones are expected to form the next stage of Macallum's exploration activities.

What This Means for Investors

Macallum New Energy has completed a significant exploration milestone with the successful acquisition of the Condor 2D seismic survey across its North Perth Basin assets.

The program delivered 68.8 kilometres of new seismic data, fulfilled EP-511 permit commitments and provided the first comprehensive seismic coverage across the permit area. With data processing now underway and results expected in Q3 2026, investors are likely to focus on upcoming interpretation outcomes, updated resource assessments and any future drilling plans that emerge from the newly acquired datasets.