Prospects and Leads
Macallum New Energy's portfolio consists of two Permian prospects and leads within EP 494 - Barberton Terrace Deep and Barberton East.
All prospects sit above the Dandaragan Trough, which was historically considered too deep to host a Permian target with depths generally exceeding 6,000m. Consequently, exploration in the region has focused on deep Jurassic reservoirs at ~4km leading to the discovery of gas fields such as Walyering, Red Gully and Warro. Macallum’s 2022 2D seismic survey redefined the Barberton Terrace confirming that the Permian section on the narrow terrace sits at depths analogous to the Kingia Permian discoveries further the north, and is positioned to receive the same chlorite-rich clastic input from the Yilgarn Craton directly to the east.
Barberton Terrace Deep Prospect
MNE's flagship target, Barberton Terrace Deep was identified by the acquisition of a dense, high quality 2D seismic survey undertaken by Macallum New Energy in 2022. It is a large, 3-way structural trap in the prolific early Permian Dongara and Kingia play (analogues include Waitsia, Lockyer Deep, West Erregulla and Beharra Springs Deep). BTD contains an independently certified best estimate Prospective Resource of 1.28 Tcf.
A preliminary exploration well location has been selected, BTD-1, with signed land access. If successful, BTD-1 could extend the Kingia play into the southern part of the basin. BTD is perfectly positioned for charge, sitting directly above the Dandaragan Trough, the source kitchen which present-day, is expelling natural gas and is the source of the gas in surrounding fields.
BTD has a prospective resource size of 1,513 PJ gas + 6.81 MMbbl oil (gross unrisked mean) and a geological chance of success (Pg) of 29%.
Barberton East Lead
A Triassic/Permian three-way closure against the Darling Fault (sealed by crystalline basement on the upthrown side). Further seismic acquisition may be proposed in the future to mature this lead, as interpretation to date is based on current legacy 2D data. Drilling in nearby permits will provide new geological data in the near-term to assist resource definition and determin geological chance of success.
The new leads further add to the exploration upside of EP 494 and will form the basis of future exploration activity.
