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Macallum New Energy Limited (ASX:MNE)

ALERT: Price-sensitive ASX Announcement for MNE
Current share price for MNE : $0.160 0.025 (18.52%)+
Announcement
Release
5 Jun 2026 1:32PM
Price at Release
$0.135
Full Release
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Summary
Macallum New Energy Limited (MNE) has provided a prospectivity update on their EP-494 permit in the North Perth Basin, highlighting a significant oil prospect and several new leads. The area, historically underexplored, is now considered promising due to new seismic interpretations and regional data incorporation. MNE has identified the Aberfeldy Prospect, a significant structural trap with potential for oil and gas, benefiting from favorable depth and reservoir quality. The company plans to evaluate additional Jurassic leads and is optimistic about the potential for significant hydrocarbon discoveries. Recent legislative changes also allow exploration for hydrogen and helium, which MNE intends to incorporate into their strategy, observing elevated levels of these gases in the permit. The company continues to process seismic data to refine their exploration targets, with further updates anticipated in Q3 2026.
Key Points
  • EP-494 has a significant oil prospect and several new leads.
  • MNE is focusing on the Aberfeldy Prospect for oil and gas.
  • Recent seismic data has enhanced understanding of potential prospects.
  • The area is underexplored, offering opportunities for new discoveries.
  • MNE plans to explore hydrogen and helium potential following legislative changes.
  • Seismic data processing is ongoing to refine exploration targets.
  • Hydrocarbon and gas exploration remains the company's priority.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.