Thor Energy is moving its HY-Range natural hydrogen and helium project in South Australia towards a drilling decision, with the next major exploration stage already funded.
At 30 June 2026, Thor held A$2.815 million in cash, equal to around 5.6 quarters of funding at the reported spending rate. That figure excludes a further A$1.3125 million deferred completion payment expected on 1 September 2026 from a previous asset sale.
The stronger funding position follows Thor’s move to simplify its portfolio and direct more capital towards HY-Range. The company sold its 75% interest in the FRAM Joint Venture to Tivan Limited as part of a transaction valued at A$8.75 million. The result is a more focused business with enough cash to complete the planned seismic survey without relying on an immediate capital raise.
The next step is a 464 line-kilometre 2D seismic survey across the highest-priority areas of HY-Range. Velseis has been appointed to carry out the programme, with acquisition expected during the third and fourth quarters of 2026.
Thor has already identified elevated natural hydrogen at surface. It now needs to establish whether those readings are linked to subsurface structures capable of generating, moving and trapping hydrogen and helium. Phase 2 soil-air geochemistry returned natural hydrogen concentrations of up to 3%, or 30,000 parts per million, across the Mallala, Lochiel and Crystal areas. That peak was around ten times the maximum recorded during Phase 1. Helium was also identified at multiple locations.
Thor plans to combine the new seismic data with existing gravity, magnetic, passive seismic and geochemical information. This should help the company map faults, improve depth control and identify structures that could justify drilling.
HY-Range covers 6,332 square kilometres north of Adelaide and is held through Thor’s 80.2%-owned Go Exploration subsidiary. The project targets geological structures within the Torrens Hinge Zone, where Thor is looking for basement rocks and fault systems that may support natural hydrogen generation and migration.
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.
