Macallum New Energy (MNE) has listed on the ASX following a successful initial public offering (IPO).
The company launched its IPO capital raising on 8 December 2025 with a target of raising at least $6 million at an issue price of A$0.20 per share. The offer proved successful, closing on 28 January 2026 with $7.4 million raised (before costs). This puts the company’s market capitalisation at listing at roughly $28 million.
MNE’s core focus is on exploration and the potential future development of its wholly owned exploration permits EP-494 and EP-511 located within the onshore North Perth Basin in Western Australia.
Exploration in the Perth Basin began in the late 1940s, and to date 26 petroleum accumulations have been identified in the basin, with 13 of those proving to be commercially viable.
Most of these discoveries are in the onshore North Perth Basin, including the Dongara oil and gas field, which originally held about 15.3 billion cubic metres of gas and 10 million barrels of oil.
In 2014, the discovery of the Waitsia gas field marked a new phase of activity in the basin, sparking renewed exploration and leading to six further commercial gas discoveries in the Perth Basin over the past decade.
The company is now preparing to initiate two seismic campaigns aimed at progressing Jurassic prospects in EP-494, with surveys scheduled to begin in March 2026.
“MNE’s board and management is delighted the company is listed, live and trading on the ASX,” MNE CEO Andy Furniss said.
“This is a significant milestone for the company and paves the way for MNE to execute its strategy to explore, discover and develop new energy resources in Western Australia.
“At a time when Western Australia is facing a looming gas shortage, MNE is well positioned to deliver on its near-term plan to discover and develop gas resources for the benefit of all West Australians.”