Macallum Faces Execution Risks as Seismic Surveys Progress and Adviser Appointment Adds Costs

Progress on Seismic Surveys in North Perth Basin

Macallum New Energy Limited (ASX:MNE) has reported that its Barberton 3D seismic survey has entered the data acquisition phase, with approximately 15% of the survey completed and progressing according to schedule. The survey, conducted by Terrex Pty Ltd, spans private land and Crown Land tracks within the company’s 100%-owned EP-494 permit in the onshore North Perth Basin. It is expected to take around six weeks to complete, with data processing and interpretation to follow, and results anticipated in the third quarter of 2026.

The company noted a brief weather-related delay caused by ex-tropical cyclone Narelle, resulting in one day of standby, but otherwise no material impact on the survey’s progress. Despite broader fuel supply shortages reported elsewhere in Western Australia, Terrex has confirmed adequate fuel supplies to complete the survey uninterrupted.

This update builds on Macallum’s earlier announcement of the survey’s commencement, which highlighted the use of low-impact GeoPulse technology designed to minimise environmental and cultural disturbance. The current progress aligns with the company’s aggressive timeline to mature prospects for potential drilling in late 2027, as detailed in the recent pioneering six-week 3D seismic survey using low-impact GeoPulse technology.

Condor 2D Survey Receives Environmental Approval

In parallel, Macallum has secured environmental approval from the Department of Mines, Petroleum and Exploration for its Condor 2D seismic survey, which covers 64 kilometres across EP-494 and EP-511 near Muchea, Western Australia. This approval completes the regulatory requirements for the survey, which is scheduled to commence in early May 2026, immediately following the Barberton 3D survey.

The Condor survey will involve GPS surveying, seismic acquisition, and in-field geophysical activities aimed at better defining the Condor lead identified in legacy data. Terrex Pty Ltd will also conduct this survey, continuing the company’s reliance on experienced contractors for seismic operations.

Seismic Processing Contract Awarded to Velseis

Following a competitive trial involving three specialist contractors, Macallum has awarded the seismic processing contract to Brisbane-based Velseis Processing Pty Ltd. The trial involved reprocessing two lines from the 2022 Mogumber North 2D seismic survey, which covers key prospects such as the Barberton Terrace Deep Permian prospect and the Yarra and Gadee Jurassic leads.

All contractors delivered significant imaging improvements, but Velseis was selected to reprocess the remainder of the 2022 Mogumber 2D and Mogumber North 2D seismic lines using advanced Pre-Stack Depth Migration (PSDM) imaging. This technique is expected to enhance confidence in prospect definitions and enable seamless integration with the new Barberton 3D survey data. Velseis will also process the new seismic data acquired from the ongoing Barberton 3D and upcoming Condor 2D surveys, with results expected early in the third quarter of 2026.

Appointment of UK and European Equity Capital Markets Adviser

In a strategic move to broaden its investor base, Macallum has appointed Greenwood Capital Partners Limited, a UK-based equity capital markets advisory firm, to provide financial and capital markets advisory services focused on the United Kingdom and European markets. Greenwood’s services include facilitating engagement with potential investors, providing research coverage, and advising on capital market matters.

Greenwood was established in 2024 by professionals with experience in advising and raising capital for companies listed in London and internationally, with a particular focus on the natural resources sector. The initial engagement term is 12 months, with automatic renewal for a further 12 months. As part of the agreement, Macallum will issue 375,000 fully paid ordinary shares to Greenwood by 1 June 2026 and pay a cash fee of A$75,000 for services in the renewal term.

Chief Executive Officer Andy Furniss commented that the company is progressing its exploration programme on an aggressive timeline to prepare prospects for drilling by late 2027. He also expressed enthusiasm about Greenwood’s role in increasing exposure to UK and European capital markets, where Macallum received substantial interest during its IPO.