Macallum New Energy Limited (ASX:MNE) announced on 3 August 2026 that it had received a maiden independently certified prospective resource estimate for the Aberfeldy Prospect within its 100%-owned EP-494 exploration permit in Western Australia’s onshore North Perth Basin. The assessment adds a new oil and gas opportunity to the company’s exploration portfolio and provides additional technical information as it evaluates future drilling opportunities. mne

The independent assessment by Molyneux Advisors identified multiple resource scenarios for Aberfeldy, reflecting uncertainty over whether the Intra Yarragadee reservoir is oil-bearing or gas-bearing. The company reported a mean prospective resource estimate of 52.6 million barrels of oil and 54 petajoules of gas under the oil-bearing scenario, while the gas-bearing scenario indicated 26.2 million barrels of oil and 142 petajoules of gas. mne

The update expands Macallum New Energy’s exploration portfolio beyond its existing gas-focused opportunities and supports ongoing work towards a potential drilling campaign in 2027.

Aberfeldy Prospect Adds Oil Exposure to EP-494 Portfolio

The Aberfeldy Prospect is located within Macallum New Energy’s 100%-owned EP-494 permit in the onshore North Perth Basin.

The prospect is interpreted as a fault-bound trap within the Jurassic-aged Yarragadee Formation and is located up-dip from two wells that encountered significant oil and gas shows in the same geological interval. mne

Macallum stated that the independently certified prospective resource adds both oil and gas opportunities to its growing exploration portfolio. mne

The company has continued building its exploration inventory through seismic interpretation and evaluation of available regional data. Previous work across EP-494 and EP-511 identified additional prospects and leads, expanding the number of exploration opportunities under review. mne

Independent Assessment Defines Multiple Resource Scenarios

Molyneux Advisors completed the independent prospective resource assessment using Macallum New Energy’s seismic mapping, reservoir parameters and internal analogue data.

The assessment considered two alternative scenarios based on uncertainty regarding the fluid type within the Intra Yarragadee reservoir. These scenarios are mutually exclusive and cannot be combined. mne

Under the oil-bearing scenario, the Aberfeldy Prospect was estimated to contain:

  • Mean oil prospective resources of 52.63 million barrels.
  • Mean sales gas prospective resources of 54 petajoules. mne

Under the gas-bearing scenario, the assessment estimated:

  • Mean oil prospective resources of 26.23 million barrels.
  • Mean sales gas prospective resources of 142 petajoules. mne

The company noted that prospective resources relate to undiscovered accumulations and require further exploration, appraisal and evaluation to determine whether commercially recoverable Hydrocarbons exist. mne

Geological Setting Supports Further Evaluation

Aberfeldy is positioned within an area of the North Perth Basin that has previously demonstrated hydrocarbon potential.

The prospect is up-dip from Dandaragan-1, which recovered biodegraded oil from a shallow reservoir, and Dandaragan Deep-1, which encountered oil and gas shows across more than 1,000 metres of Jurassic section. mne

The prospect contains multiple potential reservoir targets within the Jurassic Yarragadee Formation and Cattamarra Coal Measures. Macallum identified Aberfeldy as having a best estimate closure area of approximately 16 square kilometres. mne

The company highlighted renewed exploration interest in the North Perth Basin following recent discoveries and resource developments in the region. mne

Seismic Programs Continue to Mature Exploration Targets

Macallum New Energy continues advancing seismic processing activities across its exploration portfolio.

The company is progressing processing of the Barberton 3D seismic survey and Condor 2D seismic survey, with results expected to support further prospect evaluation and drilling decisions. mne

The company has also identified additional exploration opportunities, including the Bowmore lead, which may provide follow-up targets after evaluation of Aberfeldy and other prospects. mne

The seismic interpretation work is intended to improve understanding of subsurface structures and refine potential drilling locations.

Potential Joint Venture Strategy for Future Drilling

Following the resource assessment, Macallum plans to progress discussions with potential joint venture partners to support future exploration activities.

The company stated that it intends to commence the process of identifying suitable partners to progress towards a potential drilling campaign in the second half of 2027. Preliminary well planning studies have commenced to evaluate possible drilling locations. mne

A Partnership approach could provide additional technical expertise and funding support as the company advances exploration opportunities.

Risks and Uncertainty Factors

The Aberfeldy resource estimate remains an exploration-stage assessment and does not represent a confirmed commercial discovery.

Prospective resources involve both discovery risk and development risk, with further exploration, appraisal and evaluation required to determine whether commercially recoverable hydrocarbons are present. mne

The outcome of future drilling will depend on geological conditions, reservoir characteristics, fluid type, operational execution and regulatory requirements.

Macallum’s exploration strategy also depends on securing suitable partnerships, completing technical studies and obtaining sufficient funding for future activities.

What to Watch Ahead

Investors may continue monitoring Macallum New Energy’s progress across its North Perth Basin exploration portfolio.

Key areas of focus include:

  • Further evaluation of the Aberfeldy Prospect.
  • Results from Barberton 3D and Condor 2D seismic processing.
  • Progress towards identifying joint venture partners.
  • Future drilling plans targeted for the second half of 2027.
  • Additional prospect and lead updates across EP-494 and EP-511. mne

Macallum New Energy’s Aberfeldy resource estimate provides additional technical support for its North Perth Basin exploration strategy. The company continues building its portfolio of oil and gas opportunities while progressing seismic interpretation and future drilling preparation.