Further to the announcement on 30 October 2024 in relation to the acquisition announcement and subsequent shareholder approval received at the Company’s annual general meeting held on 28 November 2024, the Directors of Thor Energy Plc are pleased to announce the completion of the acquisition of 80.2% of the issued share capital of Go Exploration Pty Ltd , the Australian-based natural hydrogen and helium explorer.
Highlights:
- Acquisition of 80.2% of white hydrogen and helium explorer Go Exploration to be satisfied by the issue of 466,462,584 new ordinary shares in the Company. The Sellers acknowledge and agree that 70% of the Consideration Shares shall be subject to 6 months voluntary lock-in.
- Go Exploration holds one of only 4 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications (PELAs 697 and 709).
- PEL 120, is located near the notable Gold Hydrogen Limited Ramsay-1 and Ramsay-2 hydrogen and helium discoveries.
- Independent assessment of natural hydrogen and helium resources at PEL120 already underway, results expected soon.
- Go Exploration portfolio positioned for rapid generation of drill ready targets (PEL 120) and follow up in high generative potential areas (PELAs).
- Acquisition in line with Thor strategy to focus on the ‘clean’ energy economy.
- Issue of 25,000,000 new ordinary shares in the Company to Orana Corporate LLP (“Orana”) in consideration for consultancy services provided by Orana to Go Exploration in respect of the Acquisition (“Consultant Shares”).
This is a truly transformative acquisition for Thor Energy. The addition of Go Exploration's highly prospective hydrogen and helium licences, particularly the granted licence PEL 120 with its proximity to recent significant discoveries, positions Thor at the forefront of natural hydrogen and helium exploration in Australia. We are incredibly excited about the potential of these assets, especially as we look forward to the upcoming resource statement, and the opportunity to rapidly advance exploration and development. This acquisition aligns perfectly with our strategic focus on clean energy resources and significantly strengthens our portfolio. We welcome the Go Exploration team and look forward to working together to unlock the immense value of these projects for our shareholders.
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