Exploration permits
Macallum New Energy is a 100% owner of two exploration permits — EP-494 and EP-511 — located in the onshore Northern Perth Basin in Western Australia. The Company holds a portfolio of conventional natural gas prospects and leads spanning the highly prospective Permian and Jurassic plays, and has completed a significant seismic acquisition program in 2026 to advance these targets toward drilling.
EP-494
EP-494 is a large permit spanning the eastern margin of the North Perth Basin sitting directly over the Darling Fault. The permit is host to the Company's portfolio of prospects and leads in addition to future exploration opportunities currently being explored.
Prospects and leads
Barberton Terrace Deep (BTD): Permian prospect
MNE acquired 175km of 2D seismic data from 2019-2022 covering an area of approximately 500km2. The 2022 program consisted of a dense 2D grid with a noticeable improvement in data quality compared to results in the northern section of the basin. The results were transformative for the company, clearly defining the Barberton Terrace on the eastern side of the basin, and consequently the flagship Permian Prospect, Barberton Terrace Deep.
At a depth of ~4,500m, this puts BTD within conventional drilling range and at comparable depths to recent major discoveries in the basin, including Waitsia, South Erregulla and Lockyer Deep.
Yarra and Gadee: Jurassic leads
The 2022 seismic program also uncovered two Jurassic leads directly south of BTD, Yarra and Gaddee. Encouraged by the results of the 2D, the Barberton 3D seismic survey was acquired directly after the IPO to improve the resolution of these targets in preparation for a 2027 drilling campaign. The acquisition was completed in May 2026 and was the first deployment of GeoPulse seismic source technology in Western Australia — a system that improves access in sensitive environments by reducing ground disturbance compared to conventional acquisition methods.
The shallow depths of Yarra and Gadee and proximity — approximately 20 kilometres from Mineral Resources' Red Gull gas processing facility — offer the potential for a relatively rapid path to market in the event of a discovery.
EP-511
Prospects and leads
Condor: Structural lead
EP-511 is MNE's second wholly owned exploration permit in the Northern Perth Basin. It comprises a single graticular block of approximately 73km2 and is located immediately west of EP 494.
The Condor lead is a structural Jurassic lead identified through technical evaluation of EP-494 and EP-511. The lead was previously recognised by Talon Energy prior to the permit's return to MNE following Talon's acquisition by Strike Energy.
Following the completion of the Barberton 3D, MNE commenced the Condor 2D survey. Completed in June 2026, the survey delivered the first block-wide seismic program across EP-511, acquiring 68.8 kilometres of new data.
