Macallum New Energy Raises A$7.4M, Advances Perth Basin Seismic Surveys

Capital Raise Fuels Exploration Ambitions

Macallum New Energy Limited (ASX:MNE) marked its debut on the ASX on 25 February 2026, securing A$7.4 million before costs to back its exploration push in the Northern Perth Basin. The funds underpin the company’s strategy to unlock hydrocarbons from its wholly owned permits EP-494 and EP-511, located in a basin with a strong track record of gas discoveries and existing infrastructure. CEO Andy Furniss highlighted the timing as significant, noting the spotlight on Australia’s domestic energy security and the company’s early steps toward new oil and gas resource discovery in Western Australia.

Barberton 3D Survey Advances with Low-Impact Tech

Following listing, Macallum swiftly commenced its ~100 km² Barberton 3D seismic survey over EP-494 in mid-March, which had reached approximately 66% completion by late April. This six-week program targets the Yarra and Gadee Jurassic leads within the Yarragadee Formation at depths near 2,500 metres. Notably, the survey employs Terrex’s GeoPulse electromechanical impulse sources, a first in Western Australia, which reduce environmental disturbance by avoiding vegetation clearing and minimising ground impact. The 3D data aims to confirm direct hydrocarbon indicators previously suggested by 2D seismic, potentially maturing these leads toward low-risk drilling prospects. Results are anticipated in the third quarter of 2026.

This progress builds on earlier updates where the company detailed the survey’s innovative approach and environmental considerations, reflecting a careful balance between exploration ambition and stewardship. The survey’s advancement also coincides with a resurgence in drilling activity adjacent to EP-494, where recent wells have reported oil and gas shows in the Jurassic play, reinforcing Macallum’s confidence in the area’s prospectivity. These developments align with the company’s broader strategic momentum, as outlined in its recent seismic surveys and UK adviser appointment.

Condor 2D Survey and Seismic Processing Enhancements

In April, Macallum secured regulatory approval for the Condor 2D seismic survey, set to commence in May 2026 following the Barberton survey’s completion. Covering 64 kilometres across EP-494 and EP-511 near Muchea, this survey will refine the definition of the Condor lead identified from legacy data. Terrex will again manage acquisition and geophysical activities.

Complementing these field programs, Macallum awarded a seismic processing contract to Brisbane-based Velseis Processing Pty Ltd after a successful trial demonstrated improved imaging through advanced Pre-Stack Depth Migration (PSDM) techniques. Velseis will process both the ongoing Barberton 3D data and the upcoming Condor 2D survey results, expected in early Q3 2026. This enhanced processing capability is critical for increasing confidence in prospect delineation and integrating datasets.

Financial Position and Corporate Developments

At quarter’s end, Macallum held A$4.97 million in cash, with March quarter expenditure of A$882,000 focused primarily on exploration activities, staff, and corporate administration. The company reported no production or development activity during the period. Payments to related parties totalled approximately A$598,000, including director fees and reimbursements to Macallum Group Ltd for historical exploration costs.

Looking ahead, Macallum has applied for three Special Prospecting Authority permits in the Northern Perth Basin, Pilbara, and Great Southern regions, with two applications accepted but not yet granted. The company has flagged potential future exploration for naturally occurring hydrogen and helium in these areas, subject to approval and funding.

Post-quarter, Macallum appointed UK-based Greenwood Capital Partners Limited to provide equity capital markets advisory services focused on engaging investors in the UK and Europe and enhancing research coverage. This move follows strong overseas participation in the IPO and signals Macallum’s intent to broaden its investor base internationally.

Positioned Amid Perth Basin Activity

Macallum’s permits sit within a basin known for 26 petroleum discoveries and 13 commercial developments, including the Waitsia Gas Field discovery in 2014 that reinvigorated regional exploration. The company’s focus on Jurassic-aged plays in the Yarragadee Formation taps into a prolific gas window where over 1.5 Tcf of gas has been discovered by peers in recent years. While Macallum’s seismic results are still pending, the combination of advanced survey techniques, strategic permit positioning, and a solid capital base place it well to participate in the basin’s ongoing exploration resurgence.