Thor Energy Plc (LON:THR, ASX: THR, OTCQB: THORF) has reported on its activities for the Quarterly period January to March 2025.
Andrew Hume – Managing Director, Thor Energy Plc, commented:
“With the acquisition of Go Exploration Pty Ltd completed, our focus shifted to working with sector consultancy group, RISC Advisory, to finalise an assessment of prospective resources for natural hydrogen and helium at our newly renamed HY-Range Project, which comprises RSEL802 (previously PEL120), a granted licence in South Australia. The results of this assessment have already exceeded our expectations and have prompted the Board to seek to fast-track passive on-ground exploration activities in advance of final drill target design. I am delighted to lead these future exploration efforts, and we look forward to a busy quarter ahead.”
HY-RANGE PROJECT – RSEL 802 (formerly PEL 120) SOUTH AUSTRALIAN NATURAL HYDROGEN AND HELIUM
On 16 February 2025 (Completion of the Acquisition of Go Exploration Pty Ltd), the Company announced legal and commercial completion of the acquisition of Go Exploration Pty Ltd (“GoX” or “Go Exploration”) which holds PEL 120, one of only three granted hydrogen and helium exploration licences in the strategic South Australia hydrogen and helium fairway, adjacent to Adelaide, as well as several high potential application areas, the most advanced of which are PELAs 697 and 709 (Figure 1). Subsequently, on 13 March 2025, it was announced that the South Australian Government – Department of Energy and Mining had offered to convert PEL 120 to RSEL 802 (“Conversion of PEL 120 to Regulated Substance Exploration Licence”). The final approval for conversion to RSEL 802 was received from the Department of Energy and Mining on 27 March 2025, along with a three-month suspension and extension of the current work programme until 1 July 2025. The conversion to RSEL 802 confers full hydrogen and helium exploration rights across the licence (Figure 1).
On 4 December 2024 (Thor Commences Prospective Hydrogen Resource Assessment), Thor announced that it had engaged a leading energy advisory firm, RISC Advisory, to undertake the independent assessment of natural hydrogen and helium resources on certain target areas located on RSEL 802 (formerly PEL 120). On 30 March 2025 (Maiden Natural Hydrogen and Helium Prospective Resource), the results of this study (Figure 2) were released to shareholders, in which the prospective hydrogen and helium estimates were summarised. The significant prospective resources reiterated the potential of RSEL 802 (The Hy-Range Project) to host significant quantities of naturally occurring hydrogen and helium. The Board has resolved to fast-track on the ground passive exploration programmes in advance of final drill hole design later in the year.
Figure 1: Go Exploration Licence and Applications in South Australia[1].
Figure 2: Results of RISC assessment or Prospective Hydrogen and Helium Resources on RSEL 820
(Previously PEL120).
Molyhil, W, Cu, Mo NT, Australia
No work undertaken
Uranium and Vanadium (USA)
No work undertaken
EnviroCopper (“ECL”) (via 26.3% equity holding) Kapunda, SA, Australia
No work undertaken
Alford East Cu, Au, SA, Australia
No work undertaken
Ragged Range, Au, Cu, Pilbara region, WA, Australia
No work, with the project being relinquished (refer to the Company’s ASX/AIM release dated 28 April 2025, “HY-Range Exploration and Corporate Update”).
CORPORATE, FINANCE, AND CASH MOVEMENTS
Corporate
As announced on 4 February 2025 (Appointment of Managing Director), Mr Andrew Hume, a highly experienced global energy-sector executive, joined Thor Energy in the role as the Managing Director, to be based in Perth, Western Australia.
Finance
The Company received a second $50,000 ash payment from Tivan Limited.
Cash Movement
For the Quarter, the Company had total cash inflows of $121,000
▪ Net cash outflows from Operating and Investing activities for the quarter of $239,000, which included outflows of $19,000 directly related to exploration activities.
▪ Cash inflows from financing activities for the quarter were $103,000, largely related to the sale of the balance of the IVR shares held by the Company for total proceeds of $53,000 and the balance of the TIVAN payment of $50,000.
▪ Providing an ending cash balance of $1,922,000
Cashflows for the Quarter include payments of $117,000 to Directors, comprising the Managing Director’s salary, the Non-Executive Directors’ salaries. The Executive Chairman is continuing to accrue his Executive Directors’ fees.
