Highlights
• Macallum New Energy shares rose 3.57% to AUD 0.14 on 8 April 2026 following operational update
• Barberton 3D seismic survey underway with data acquisition 15% complete
• Condor 2D seismic survey receives environmental approval, set to commence in May
• Seismic processing contract awarded to Velseis Processing Pty Ltd
• Greenwood Capital Partners appointed to expand UK and European investor engagement

Macallum New Energy Ltd (ASX:MNE) shares increased 3.57% to AUD 0.14 on 8 April 2026, with the market responding to a comprehensive operational update highlighting progress across its exploration activities in the North Perth Basin. Despite the stock remaining down 39.58% over the past year, today’s gain reflects renewed investor interest following advancements in seismic programs and strategic corporate developments.

Macallum New Energy Ltd is an oil and gas exploration company focused on the development of its wholly owned permits in the onshore North Perth Basin in Western Australia.

The company is targeting gas opportunities within the Kingia formation, aiming to contribute to domestic supply in a tightening Western Australian gas market. Its exploration strategy is centred on advancing large, undrilled prospects through data-driven evaluation and staged development.

Seismic Program Gains Momentum at Barberton

The company confirmed that its Barberton 3D seismic survey has entered the data acquisition phase and is progressing in line with expectations. As of the update, approximately 15% of the survey has been completed.

The program is being conducted across exploration permits EP-494 and EP-511 and is expected to take around six weeks to complete. Once acquisition is finalised, the data will undergo processing and interpretation, with results and prospect updates anticipated in the third quarter of 2026.

Operationally, the survey has faced minimal disruption, with only a single day of delay due to weather conditions linked to ex-tropical cyclone Narelle. The company also noted that fuel supply concerns observed in other parts of Western Australia are not expected to impact survey completion, with contractors confirming adequate supply.

Condor Survey Secures Key Regulatory Approval

In a further positive development, Macallum received environmental approval for its Condor 2D seismic survey from the Department of Mines, Petroleum and Exploration. This milestone completes all regulatory requirements needed to commence the program.

The Condor survey is scheduled to begin in early May, immediately following completion of the Barberton 3D survey. Covering approximately 64 square kilometres, the program will focus on enhancing the definition of the Condor lead identified from historical data.

The survey will involve GPS surveying, seismic acquisition, and in-field geophysical work aimed at improving subsurface imaging and supporting future drilling decisions.

Advanced Processing to Enhance Subsurface Imaging

The company has also awarded a seismic processing contract to Velseis Processing Pty Ltd following a competitive evaluation process involving three specialist contractors.

The selection was based on a reprocessing trial of legacy seismic data, where all participants delivered improved imaging results. Based on these outcomes, Macallum has committed to reprocessing its existing 2022 Mogumber and Mogumber North 2D seismic datasets using advanced Pre-Stack Depth Migration (PSDM) techniques.

This approach is expected to significantly enhance the resolution and accuracy of subsurface imaging, improving confidence in identifying and defining exploration targets. The reprocessed data will also be integrated with new seismic datasets from the Barberton and Condor surveys.

Processing of both legacy and newly acquired data is expected to deliver results in early Q3 2026.

Strategic Adviser Appointment Expands Market Reach

Alongside operational progress, the company announced the appointment of Greenwood Capital Partners Limited as its equity capital markets adviser, with a focus on the United Kingdom and European markets.

The engagement is intended to strengthen investor outreach, provide research coverage, and support capital markets strategy. The appointment builds on strong international interest observed during the company’s initial public offering.

The agreement includes an initial 12-month term, with compensation comprising 375,000 shares and a potential cash component for an extended term. The adviser is expected to play a key role in facilitating engagement with offshore investors and supporting future funding initiatives.

Positioned for Future Drilling Milestones

Macallum continues to execute its exploration strategy aimed at maturing prospects within its North Perth Basin permits. The current seismic programs are designed to de-risk targets and refine drilling locations.

Management indicated that the objective is to progress these prospects to a stage where they are ready for drilling by late 2027. The combination of new seismic data, reprocessed legacy data, and improved subsurface imaging is expected to support this timeline.

The company’s exploration permits are located in a region considered prospective for gas resources, with a portfolio of targets that are being systematically advanced through a structured work program.

What This Means for Investors?

The latest update highlights steady progress across multiple fronts, including active seismic surveys, regulatory approvals, and enhanced technical capabilities. These developments appear to have supported today’s share price movement despite the stock’s weaker performance over the past year.

Investors are likely to focus on upcoming milestones, particularly the completion of seismic programs and the release of interpreted data in Q3 2026. These results will be critical in defining drilling targets and assessing the commercial potential of the company’s assets.

The addition of an international capital markets adviser also signals a broader strategic push to access global investor pools, which may support future funding and development plans.