Macallum New Energy (ASX: MNE) holds 100% of two exploration permits in WA's onshore North Perth Basin. Its flagship permit EP 494 carries an independently assessed mean prospective gas resource of 2,506 PJ (unrisked). A farmout to fund up to two exploration wells in H2 2027 began on 14 October 2026.

Macallum New Energy is a WA oil and gas explorer. It listed on the ASX in February 2026. It holds 100% of exploration permits EP 494 and EP 511 in the onshore North Perth Basin.

EP 494 hosts Barberton Terrace Deep. The company describes it as possibly the largest undrilled Kingia gas prospect in the basin. The permit also holds Jurassic gas and oil prospects matured by the 2026 Barberton 3D seismic survey.

In October 2026 Macallum started a farmout to find a partner to fund up to two exploration wells in H2 2027. Several parties have signed confidentiality agreements and are working in the data room. Gas pipeline tie-in points sit within 20km of the permit, giving a development path if drilling makes a commercial discovery.

• 2,506 PJ in one permit: EP 494's combined mean prospective gas resource is 2,506 PJ (unrisked). The independent update was released on 6 October 2026.
• Barberton Terrace Deep: 1,513 PJ of gas plus 6.8 MMbbl of condensate (mean). The crest is now mapped 250m shallower.
• Farmout under way: the process started on 14 October 2026 and is expected to run to the end of 2026. Multiple qualified parties have signed confidentiality agreements for EP 494.
• Drill-ready prospects: Gadee East and West hold 221 PJ of combined mean gas, up 70% on the IPO estimate. Yarra Lead adds 199 PJ of gas plus 25 MMbbl of oil (mean).
• Drilling in sight: the company targets a decision on its first exploration well in Q1 2027. Up to two wells are targeted for H2 2027, subject to funding and approvals.
• Strong neighbours: EP 494 sits up-dip of Mineral Resources' Dandaragan Deep-1 well. The company sees potential synergies with Hancock's Erregulla Oil Project.
• Gas demand and deal values: WA gas supply deficits are forecast from 2030. The AWE, NWE, WGO and TPD acquisitions averaged A$2.74M per Bcf of 2P+2C, each after at least one exploration well or flow test.

• Raise: up to A$3.0 million before costs, in two tranches. The company may accept oversubscriptions.
• Price: A$0.14 per new share.
• Tranche 1: about A$2.9 million through about 20.6 million shares under Listing Rule 7.1 capacity.
• Tranche 2: about A$0.1 million through 0.8 million shares, subject to shareholder approval at an EGM.
• Directors: intend to subscribe for up to A$80,000, subject to shareholder approval.
• Joint Lead Managers: Alpine Capital and GBA Capital.
• Eligibility: sophisticated and professional investors only (s708).

Discount

• 12.5% to the last traded price of A$0.16
• 22.1% to the 5-day VWAP of A$0.1796
• 23.1% to the 15-day VWAP of A$0.1820
• 20.6% to the 30-day VWAP of A$0.1764

Funds from the placement will go to:

• Exploration and technical evaluation across the oil and gas portfolio
• Well engineering studies and long-lead items for a H2 2027 drilling campaign
• Seismic interpretation and geological studies on prospective resources
• Farmout discussions and commercialisation opportunities
• Corporate costs and working capital

Based on A$3.0 million raised.

• Shares on issue now: 140,198,347
• Options and performance rights on issue: 91,178,594
• Market cap before the offer: A$22,431,736 at the last trade price
• Tranche 1 shares: 20,598,502
• Tranche 2 shares: 830,069
• Shares on issue after the offer: 161,626,918
• Market cap after the offer: A$22,627,769 at the offer price

Market cap excludes options and performance rights. Post-offer figures assume no oversubscriptions.