Key Highlights

  • Gadee East and West combined mean prospective gas rose 70% to 221 PJ from 130 PJ in the IPO prospectus.
  • Barberton Terrace Deep has a mean of 1,513 PJ of gas, with a lower Permian best estimate offset by a new Triassic target.
  • Chances of geological success range from 17% to 40% across the Jurassic targets.
  • A farmout process will seek a partner for up to two wells in H2 2027.

Macallum New Energy Limited (ASX:MNE) has updated the Prospective Resource estimates for prospects and leads in its 100% owned exploration permit EP 494 in the onshore North Perth Basin. The update follows interpretation of the Barberton 3D seismic survey acquired in early 2026 and advanced reprocessing of the Mogumber North 2D seismic survey. The estimates were prepared by independent technical specialist Molyneux Advisors and are unrisked.

Gadee and Yarra Updates

The Gadee structure is now defined as two fault blocks. Gadee East has a mean of 182 PJ of gas, with a 40% chance of geological success and a 55% chance of development if successful. Gadee West has a mean of 39 PJ of gas and 15 million barrels of oil, with a 29% chance of geological success. Combined, the mean gas of 221 PJ is 70% above the pre-3D estimate of 130 PJ in the February 2026 prospectus. The company says the 3D data has matured Gadee to drillable status, with wells designed to test both structures with the CREST at about 2,000 m.

Yarra remains a lead because a data gap covers the interpreted crest. Its mean is 199 PJ of gas and 25 million barrels of oil, with a 17% chance of geological success, and extra 2D seismic may be needed before drilling.

Barberton Terrace Deep

Barberton Terrace Deep, a Permian and Triassic gas target, has a mean of 1,513 PJ of gas and 6.81 million barrels of condensate. The low, best and high estimates are 343, 1,090 and 3,134 PJ. The best estimate for the Permian reservoirs fell against earlier figures, which the company says was largely offset by a new Triassic target in the Lower Lesueur Sandstones. The range narrowed, and the revised mapping places the prospect 250 m shallower than before, which may reduce well cost. It carries a 29% chance of geological success.

Portfolio Total and Cautions

The arithmetic total mean across the permit is 2,506 PJ of gas, which includes the Aberfeldy prospect at 54 PJ and the Condor lead at 519 PJ, both taken from earlier releases and not updated here. Totals are arithmetic sums, and the company says the low and high totals are indicative and not rigorously derived. All quantities are Prospective Resources, which relate to undiscovered accumulations and carry risks of both discovery and development. The Gadee East seismic amplitude may indicate stacked reservoir sands, but with no nearby well it may not be possible to tell gas from water-bearing sands without drilling.

Farmout and Timetable

The company will start a farmout process to find a strategic joint venture partner for up to two wells in the second half of 2027. It has received a 12-month extension to the permit work program, which moves the well commitment to November 2028, while remaining committed to H2 2027. Interpretation of the Condor 2D seismic survey, acquired in May 2026, is continuing. The announcement does not give well costs or funding, so drilling depends on the farmout and on the company's financing.

Where the Portfolio Stands

The 3D seismic has improved the definition of the Gadee structures and narrowed the range at Barberton Terrace Deep, although the Permian best estimate there fell and chances of geological success remain below 50% on the reported prospects. Progress will depend on the farmout, the timing and cost of wells, and drilling results, because the volumes remain unrisked estimates of undiscovered resources.