Highlights

  • Macallum acquired 117 square kilometres of 3D seismic and roughly 69 kilometres of 2D data during 2026.
  • The company identified Gadee East and Gadee West as separate prospects after detailed 3D interpretation.
  • Its Perth Basin portfolio includes independently assessed prospective gas and oil estimates, which remain undiscovered volumes.
  • A formal farm-out process commenced for EP 494 ahead of proposed exploration drilling in late 2027.

New seismic interpretation is helping Macallum New Energy Limited (ASX:MNE) move its northern Perth Basin exploration portfolio towards potential drilling. Following its 2026 ASX listing, the company acquired and processed new seismic data across its wholly owned EP 494 and EP 511 permits, updated prospect assessments and began seeking potential partners for exploration activity planned for late 2027.

Barberton Data Defines Two Gadee Prospects

Macallum acquired approximately 117 square kilometres of 3D seismic over Jurassic targets in EP 494. Subsequent processing improved imaging of the Gadee structure and distinguished Gadee East and Gadee West as separate fault blocks. The company reported gross unrisked mean prospective gas resources of 182 petajoules for Gadee East and 39 petajoules for Gadee West, with estimated geological chances of success of 40% and 29%, respectively. These are estimates for undrilled prospects rather than discovered gas reserves. Further appraisal would be needed after any successful exploration well.

The Portfolio Extends Beyond Gadee

EP 494 covers approximately 2,577 square kilometres in the onshore northern Perth Basin, while EP 511 is a smaller adjoining permit. The company also acquired roughly 68.8 kilometres of Condor 2D seismic, the first block-wide seismic programme across EP 511. Macallum’s official project material describes a broader portfolio of prospective gas and oil targets with mean prospective gas volumes exceeding 2,500 petajoules and prospective oil estimates of about 92 million barrels. These figures comprise risked geological opportunities at differing levels of technical maturity; they are not current production.

Farm-Out Adds a Funding and Partnership Track

In October 2026, Macallum commenced a formal farm-out process for EP 494. A farm-out would involve engaging another party in exploration Investment and permit interests, subject to negotiations and definitive terms. Separately, the company announced an AUD 3 million Placement to progress its Perth Basin programme. The new Capital initiative and farm-out discussions support efforts to prepare drilling targets, complete interpretation and meet technical and regulatory requirements. Neither a proposed farm-out nor exploration planning guarantees a completed drilling programme.

Late-2027 Exploration Remains the Target

The company has outlined a proposed drilling campaign in the fourth quarter of calendar 2027. Ahead of that timetable, technical teams must finalise target selection, well design, approvals and funding arrangements. Prospects including Gadee and Barberton Terrace Deep form part of the portfolio being evaluated. The company’s 2026 seismic Acquisition and resource studies have advanced its prospect inventory, but future drilling results will determine whether any target can be developed further.

Outlook: The Next Milestones

Macallum is progressing partner discussions, detailed technical planning and approvals towards an intended late-2027 Perth Basin exploration campaign.

Macallum New Energy shares traded at AUD 0.16 on 6 November 2026, up 3.23%; intraday high AUD 0.165, low AUD 0.160, Volume 90,185 shares and Market Capitalisation approximately AUD 17.03 million.