Thor Energy has narrowed its focus to the HY-Range natural hydrogen and helium project in South Australia and has enough funding to complete its next major exploration step.
The company ended the June quarter with A$2.815 million in cash. Quarterly operating and investing outflows were A$501,000, giving Thor an estimated five to six quarters of funding at that spending rate. Actual runway will depend on the timing and cost of the planned seismic programme.
Thor also expects to receive A$1.3125 million on 1 September 2026. This is the first of three annual deferred payments from the sale of its 75% interest in the FRAM Joint Venture to Tivan Limited. The payment should add further financial flexibility without requiring an immediate capital raise.
The asset sale forms part of a wider shift towards HY-Range. Thor has reduced its exposure to non-core projects and concentrated its available capital on the project it considers most capable of creating near-term technical progress.
The next major step is a 2D seismic survey covering about 464 line kilometres. Thor has issued a Letter of Award to Australian seismic contractor Velseis. The survey is expected to begin in the third or fourth quarter of 2026, subject to approvals and final planning.
The work is fully funded and is designed to show what lies beneath the company’s main exploration areas in the Torrens Hinge Zone. It should help Thor identify basement depth, faults and subsurface structures that may control the generation, movement and trapping of natural hydrogen and helium.
The company’s current evidence is based mainly on surface measurements. Thor’s Phase 2 soil-air geochemistry programme recorded natural hydrogen concentrations of up to 3%, or 30,000 parts per million. Repeated anomalies were identified across the Mallala, Lochiel and Crystal areas.
Thor also carried out control testing and varied its sampling methods to reduce the risk of false readings or contamination. The company believes the results support its geological model, but they do not yet confirm a commercial resource.
The seismic survey is intended to reduce that uncertainty. Surface hydrogen readings can show where gas may be reaching shallow ground, but they cannot define the size, depth or structure of a deeper accumulation. Seismic data should allow Thor to connect surface anomalies with potential subsurface targets.
Thor Energy PLC (LON:THR) is a leading exploration company focused on natural hydrogen and helium, with a significant footprint in the highly prospective South Australian region.
