Meet the neighbours: Two new oil & gas companies launch on the ASX this week

Despite a quiet start to the year for the IPO market – despite the ASX softening listing rules in the second half of last year to avoid exactly that problem – there are, at least, two stocks set to list this week (Week 9 of CY26).

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Both of them are oil and gas companies; and if Woodside’s (ASX:WDS) share price can climb on Tuesday intraday despite flagging a -25% fall in profits vs pcp (CY24), then there’s still hope for energy stocks.

After all, the black gold hasn’t gone anywhere, and there’s also the fact that now gas is as good as gold. Or, black gold. Oil. You know what I mean.

Let’s take a quick look at the new neighbours we’ll meet this week.

Macallum New Energy – Wednesday 25 Feb

• Raising: $9M @ 20cps
• Sector: Energy
• Type: Explorer
• Ticker: MNE
• Vibe of the thing: Hoping to become a West Coast domestic gas producer

Macallum New Energy will hit the ASX already the owner of exploration permits in WA’s onshore Perth Basin, with MNE targeting areas in the north of that geology.

Unlike Eastern Gas, listing on the day after Macallum, the company hasn’t got any existing assets to flow test, making Macallum a pure-play exploration company. It owns the EP-494 and EP-511 permits in WA.

Targeting Permian and Jurassic-age geology underlying the Perth Basin’s topographical boundaries, MNE will use the IPO funds to carry out geomagnetic imaging surveys, with a view towards getting an idea of whether there are any shallow targets to hunt after in a presumably later drilling campaign.

Eastern Gas Corporation Ltd – Thursday 26 Feb

• Raising: $5.5M @ 20cps
• Sector: Energy
• Type: Explorer-cum-developer
• Ticker: EGA
• Vibe of the thing: Hoping to become an East Coast domestic gas producer

Eastern Gas Corporation will hit the ASX as the owner of two exploration permits in the prolific Australian Surat Basin: ATP 2051 and ATP 927.

Hitting the bourse with a project in question, the Venus Project, EGA will use the IPO funds for first-stage drilling and flow testing of existing assets, suggesting – all cards in order – that the company could fast-track its way to development status.

“The success of these activities would ultimately prove viability of future gas development to get into production and become a gas producer providing energy to the East Coast market,” the company wrote in its Prospectus.

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