Macallum New Energy's portfolio consists of numerous Jurassic prospects and leads within EP 494 and EP 511 - Gadee West; Gadee East Aberfeldy; Yarra; Condor.

The majority of drilling activity in the surrounding permits around EP 494 and EP 511 has targeted deep Jurassic reservoirs sitting greater that 4,000m below the surface, leading to the discovery of gas fields such as Walyering, Red Gully and Warro. The Jurassic targets within EP 494 are considered prospective for conventional gas within multiple reservoirs of the Yarragadee Formation at depths of~2,000m. Being approximately 2,000m shallower than all other Jurassic wells in the region, the reservoirs in EP 494 are better positioned for improved reservoir quality and deliverability.

MNE acquired 117km² of new 3D seismic over the Yarra and Gadee leads previously identified from the Company's 2022 Mogumber North 2D seismic survey. Processing of the new data was completed in September 2026 using advanced Pre-Stack Time Migration (PSTM) and Pre-Stack Depth Migration (PSDM) processing techniques, resulting in dramatic improvement in the definition of the Gadee structure.

The Gadee Prospect is a fault-bound structural closure targeting gas in the Jurassic-age reservoirs of the Yarragadee formation. Previously a single lead, the discovery of two single fault blocks on the 3D data has identified the Gadee East and Gadee West prospects, considered to be two separate structures. The seismic amplitude response at at Gadee East is anomolous relative to background levels and appears to indicate the presence of stacked, high-quality reservoir sands.

Gadee East has a prospective resource size of 182 PJ gas (gross unrisked mean) and a geological chance of success (Pg) of 40%. Gadee West has a prospective resource size of 39 PJ gas (gross unrisked mean) and a Pg of 29%. Both prospects have been independantly certified.

Aberfeldy Prospect (EP 494)
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Aberfeldy is a material prospect defined on recent 2D seismic data and with a best estimate closure area of 16km² and multiple potential reservoir targets in the Jurassic Yarragadee Formation and Cattamarra Coal Measures. The prospect is a fault-bound closure, up-dip of two wells with known oil and gas shows (Dandaragan-1 and Dandaragan Deep-1) in a location more favourable for hydrocarbon charge and improved reservoir quality.

Prior to 2015, 13 oil and gas fields were discovered in the onshore North Perth Basin. More recent exploration success by Mineral Resources Limited and Hancock Energy in EP-368 and EP-426 (which includes the Erregulla Oil Project) has revitalized exploration for oil in the North Perth Basin to meet domestic demand. The Dandaragan Deep-1 well drilled in 2025 was reported to have intersected more than 1000m of oil and gas shows across the Jurassic interval.

Aberfeldy has a prospective resource size of 54 PJ gas + 52.6 MMbbl oil (gross unrisked mean) and a geological chance of success (Pg) of 25%.

‍Yarra Lead (EP 494)
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The Yarra Lead is a four-way independent structural closure on the low-side of the Muchea Fault targeting gas and oil in the Jurassic-age reservoirs of the Yarragadee formation. The new 3D seismic data has greatly improved the definition of the Yarra structure to the north and south; however, a data gap remains over the structural crest, and consequently Yarra remains a lead. Prior to drilling Yarra, additional 2D seismic data maybe required to optimally position the well in a crestal location.

Yarra is a simple, large 4-way closure at depths from 1,000m to 4,000m, with the primary objective at the Intra-Yarragadee level at 2,350m TVDSS. The proposed depth of the well is currently 3,250m TVDSS, but it may change based on any new data. 

Yarra lead has a prospective resource size of 199 PJ gas (gross unrisked mean) and a geological chance of success (Pg) of 17%.

Condor Lead (EP 494 + EP 511)
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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 completed the Condor 2D seismic survey in June 2026, delivering the first block-wide seismic program across EP-511, acquiring 68.8 kilometres of new data. Interpretation is currently being finalised and a resource update will be provided to the market once complete.

Condor lead has a prospective resource size of 498 PJ gas (gross unrisked mean).

Bowmore and Cardhu Lead
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Bother leads are Jurassic three-way closures and pinch-out traps downthrown to the Urella and Darling Faults. 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.