Key Highlights

  • Macallum New Energy shares were up 9.68% at $0.17 during the 10 November 2026 trading session.
  • Maiden prospective resources for the Aberfeldy prospect were announced, with an unrisked oil scenario of 52.6 million barrels.
  • A farm-out process for EP 494 has commenced, and a Placement of about A$3 million was announced at $0.14 per share.

Macallum New Energy Limited (ASX:MNE) shares were trading higher during the 10 November 2026 session, up 9.68% at $0.17 at midday AEDT. The S&P/ASX 200 was also higher in the same session, up 1.13% at 9,131.90 around 12:30 pm AEDT. Macallum is an oil and gas exploration company focused on its 100%-owned permits EP 494 and EP 511 in the onshore North Perth Basin of Western Australia. The most recent update was its quarterly activities report for the period to 30 September 2026, released on 30 October 2026, which covered the Aberfeldy prospect and the subsequent EP 494 resource update.

About the company

Macallum New Energy listed on the ASX in February 2026 and is focused on exploration and potential development of its 100%-owned permits EP 494 and EP 511 in the onshore North Perth Basin of Western Australia. The company has built a portfolio of Permian and Jurassic targets, including the Barberton Terrace Deep, Gadee and Aberfeldy prospects.

Quarterly report released on 30 October 2026

The company announced maiden independently assessed prospective resources for the Aberfeldy prospect. On an unrisked, mean recoverable basis, the oil scenario estimated 52.6 million barrels of oil and 54 petajoules of gas, while the gas scenario estimated 26.2 million barrels of oil and 142 petajoules of gas. The company said these are undiscovered accumulations with both discovery and development risk.

Seismic processing on the Barberton 3D and Condor 2D datasets has improved imaging of the Jurassic Gadee and Yarra targets, and exploration drilling is being planned for the second half of 2027.

EP 494 resource update and farm-out

Subsequent to quarter end, Macallum announced an independent EP 494 resource update of 1,860 petajoules of sales gas and 63.7 million barrels of oil on an unrisked 2U basis. It also commenced a farm-out process for EP 494 and received firm commitments for a placement of about A$3 million at $0.14 per share, with pro forma cash of about A$3.8 million after completion.

Sector Context

Exploration in the Perth Basin is focused on Permian and Jurassic targets, where successful wells have historically supplied gas to Western Australian markets. The company is seeking a joint venture partner to share the cost of future drilling.

Risks to Consider

  • Prospective resources are undiscovered and carry both discovery and development risk, and further exploration is needed to confirm any hydrocarbons.
  • The company had cash of about A$0.8 million at 30 September 2026 before the placement, and the placement is subject to Shareholder approval for part of it.
  • The farm-out process has not yet secured a partner, and the drilling campaign timetable depends on that outcome.

What to Watch Ahead

  • The outcome of the EP 494 farm-out process and any joint venture partner agreement.
  • Completion of the placement, including shareholder approval for the second tranche.
  • Technical evaluation of Barberton Terrace Deep and the planned exploration drilling campaign in the second half of 2027.

Final Word

Macallum’s update centres on prospective resources in EP 494 and the search for a partner to fund future exploration. The farm-out outcome and placement completion will indicate how the program is funded.