Macallum New Energy Adds Major Oil Prospect and Targets Helium in EP-494
Macallum New Energy has expanded its exploration prospects in the underexplored southern North Perth Basin with a new oil and gas prospect, Aberfeldy, and plans to pursue helium and hydrogen exploration following recent regulatory changes.
- New Aberfeldy oil and gas prospect identified in EP-494
- Three additional leads under evaluation
- Barberton 3D seismic processing underway with results expected Q3 2026
- WA legislation now permits hydrogen and helium exploration
- Soil gas samples show anomalous helium concentrations
New Oil and Gas Prospect Emerges in Underexplored Southern Perth Basin
Macallum New Energy Limited (ASX:MNE) has unveiled a significant addition to its portfolio in the North Perth Basin with the identification of the Aberfeldy prospect, a sizeable oil and gas target located up-dip from existing wells with known hydrocarbon shows. This 16km2 fault-bounded closure lies in EP-494, a permit covering 2,577km2 in the southern, vastly underexplored portion of the basin, where well density is less than 10% that of the northern sector.
The Aberfeldy prospect benefits from its position above a mature hydrocarbon source kitchen in the Dandaragan Trough and sits at shallower depths compared to adjacent permits, thanks to the unique Barberton and Yarra Yarra terraces that place Jurassic reservoirs approximately 2,000 metres higher. This geological setting promises better reservoir quality and lower drilling costs, enhancing the prospect's commercial appeal.
Additional Leads and Seismic Data Processing Progress
Alongside Aberfeldy, three new leads; Bowmore, Cardhu, and Barberton East; have been identified within EP-494. These leads are structurally complex, involving Jurassic and Triassic/Permian traps, but remain loosely defined on legacy 2D seismic data. MNE is considering further seismic acquisition to mature these leads to drill-ready status.
Meanwhile, the company is advancing the processing of its Barberton 3D seismic survey, completed in May 2026. Preliminary fast-track data is expected by late June, with full Prestack Time and Depth migration volumes due in Q3 2026. This data will underpin updated prospectivity assessments, including for the Yarra and Gadee leads and the Barberton Deep Permian prospect, potentially reshaping the permit’s exploration strategy.
Regulatory Changes Open New Frontiers for Helium and Hydrogen Exploration
In a notable development, Western Australia’s Petroleum Legislation Amendment Act (2024) now allows petroleum permit holders to explore for naturally occurring hydrogen and helium. Macallum New Energy plans to apply for these rights on EP-494, where previous soil gas sampling conducted by Curtin University detected helium concentrations up to 1,600 times above atmospheric background levels. Elevated hydrogen readings were also observed, with the Darling Fault interpreted as a potential conduit for these gases.
While oil and gas remain the company’s primary focus, the addition of helium and hydrogen could diversify the permit’s resource potential amid rising global helium demand and constrained supply. Long-term helium prices have surged above US$500 per Mcf, driven by global shortages and geopolitical factors.
Strategic Positioning in a Proven Petroleum System
EP-494 lies within the same prolific petroleum system that has delivered commercial discoveries since the 1960s in the North Perth Basin. The permit's location directly above the mature source kitchen and its proximity to existing gas infrastructure, including pipelines and the dormant Red Gully gas plant, offer logistical advantages. Recent drilling activity in adjacent permits, such as MinRes and Hancock’s ventures, is providing new geological insights that could help de-risk Macallum’s prospects.
The company’s approach leverages the basin’s underexplored southern terraces, with shallower Jurassic targets than the historically deep Permian reservoirs that deterred earlier exploration. This strategic focus aligns with the broader industry shift following the 2014 Waitsia gas discovery, which confirmed the viability of deeper Kingia reservoirs.
Bottom Line?
Macallum New Energy’s expanded prospect portfolio and new helium and hydrogen ambitions position EP-494 as a multi-commodity play, but seismic results and resource evaluations due later this year will be critical to validating its potential.
Questions in the middle?
- How will the upcoming Barberton 3D seismic results refine the resource estimates for Aberfeldy and other leads?
- What regulatory hurdles and timelines will MNE face in securing helium and hydrogen exploration rights on EP-494?
- To what extent will drilling outcomes in neighbouring permits influence Macallum’s exploration strategy and risk profile?
