Macallum New Energy Shares Rise 14.29% as Seismic Work Sharpens ASX:MNE Perth Basin Targets

Aditi Sarkar

07 August 2026 02:47 PM AEST

Macallum New Energy Shares Rise 14.29% as Seismic Work Sharpens ASX:MNE Perth Basin Targets

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Highlights

• Macallum New Energy shares are trading 14.29% higher at AUD 0.160 during the 7 August 2026 session.

• The company completed the Condor 2D seismic survey in June 2026, acquiring 68.8km of new data.

• The programme covered EP-511 and the Jurassic Condor lead in EP-494.

• Processing of Condor 2D and Barberton 3D seismic data is a key next step.

Macallum New Energy Limited (ASX:MNE) is trading higher as its first months on the ASX shift from listing activity toward subsurface data. The shares are up 14.29% at AUD 0.160 in the 7 August 2026 intraday snapshot. Operationally, the company has completed its 2026 seismic acquisition programme in the onshore North Perth Basin, giving it a larger dataset to refine prospects and decide where future exploration capital should be directed.

Company Overview

Macallum New Energy is an Australian energy explorer focused on permits in the onshore North Perth Basin of Western Australia. The company entered the ASX in 2026 and is using modern seismic data to mature a portfolio of oil, gas and potentially other naturally occurring energy prospects.

Recent Developments

In June 2026, Macallum completed the Condor 2D seismic survey, acquiring 68.8km of new seismic data over EP-511 and the Jurassic Condor lead in EP-494. The survey was the first block-wide seismic programme acquired across EP-511 and fulfilled the permit's Year 3 work commitment. The company used GeoPulse seismic sources, which it said enabled lower-impact access during acquisition.

Prospect Inventory Expands

A separate EP-494 prospectivity update identified additional leads and an oil prospect. Macallum highlighted Aberfeldy as a material prospect up-dip of wells that had recorded oil and gas shows, while Bowmore, Cardhu and Barberton East were identified for further technical studies. The company has also been processing Barberton 3D seismic data, with interpretation work intended to improve structural definition and prospect maturation.

What to Watch

The main near-term catalyst is seismic interpretation. Results from the Condor 2D and Barberton 3D datasets are expected to guide prospect ranking, volumetric work and future drilling decisions. The company must then determine which targets justify the cost and risk of progressing toward a well.

Risks

Macallum remains an early-stage energy explorer. Seismic interpretation can reduce geological uncertainty but cannot confirm commercial hydrocarbons. Drilling is capital intensive and may not result in a discovery. The company is also newly listed, with a relatively small market capitalisation and limited trading liquidity.

FAQs

Q: What is the Macallum New Energy share price today?

A: ASX:MNE shares are trading at AUD 0.160 in the current intraday snapshot, up 14.29%.

Q: What did the Condor survey cover?

A: The 68.8km 2D seismic survey covered EP-511 and the Jurassic Condor lead in EP-494.

Q: What is Macallum waiting for next?

A: Processing and interpretation of Condor 2D and Barberton 3D seismic data are key next steps.

Q: What is the main risk for ASX:MNE?

A: The company remains an exploration-stage energy business, so seismic targets still require drilling before commercial resources can be established.

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