Macallum New Energy Unveils Maiden Resource Estimate for Aberfeldy Prospect with Up to 52.6 Million Barrels Oil

Significant Prospective Resources Identified at Aberfeldy

Macallum New Energy (ASX:MNE) has taken a major step forward by announcing a maiden independently certified Prospective Resource estimate for its Aberfeldy Prospect, located within its wholly owned EP-494 permit in Western Australia's North Perth Basin. The resource assessment, conducted by Molyneux Advisors, outlines two mutually exclusive scenarios reflecting subsurface uncertainty: an oil-bearing scenario with an unrisked mean recoverable volume of 52.6 million barrels of oil (MMbbl) and 54 petajoules (PJ) of gas, and a gas-bearing scenario with 26.2 MMbbl and 142 PJ of gas. Only one scenario can materialise, underscoring the exploratory nature of the project.

Geological Context and Exploration Potential

The Aberfeldy Prospect is a fault-bound trap in the Jurassic-aged Yarragadee Formation, strategically situated up-dip from two wells, Dandaragan-1 and Dandaragan Deep-1, that recorded significant oil and gas shows. The prospect spans a sizeable closure area of approximately 16 square kilometres and features multiple potential reservoir targets, including the Yarragadee and Cattamarra formations. This addition of an oil prospect complements Macallum's expanding portfolio, which already includes several leads and prospects within EP-494, positioning the permit as one of the most promising in the Perth Basin.

Independent Certification and Risk Assessment

Molyneux Advisors applied probabilistic methods aligned with the Society of Petroleum Engineers' Petroleum Resources Management System (2018) to estimate the volumes. They assigned a 25% geological chance of success (Pg) for discovering hydrocarbons at Aberfeldy and a 55% chance of commercial development (Pd) if discovery occurs. These factors apply to the prospect as a whole and are independent of the fluid-type uncertainty inherent in the two scenarios. The estimates remain unrisked, and further exploration and appraisal will be necessary to validate the resource potential.

Strategic Positioning Ahead of Drilling Campaign

Since its ASX listing in February, Macallum has executed two successful seismic programs and enhanced its evaluation of EP-494 and EP-511 through reprocessing of legacy 2D seismic lines and review of newly released data. The company has identified one new prospect and three additional leads prospective for both oil and gas, including the Bowmore lead, which may follow Aberfeldy in exploration priority. Seismic data processing for the Barberton 3D and Condor 2D surveys is underway, with results expected later this quarter. Macallum is actively seeking joint venture partners to support a drilling campaign planned for the second half of 2027, with preliminary well planning already in progress.

Market and Policy Implications

CEO Andy Furniss highlighted the strategic value of adding an oil prospect to the portfolio, noting the potential alignment with the Australian Federal Government's feasibility study for a new oil refinery in Western Australia. An oil discovery at Aberfeldy could contribute to domestic liquid fuel security and create significant shareholder value. The North Perth Basin has seen revitalised interest following recent oil discoveries by Mineral Resources Limited and Hancock Energy, including a 2C Contingent Oil Resource of 31.6 million barrels of oil equivalent at the Erregulla Oil Project, underscoring the basin's underexplored potential.