Thor Energy plc (AIM / ASX: THR) is pleased to announce an independent assessment of prospective resources for naturally occurring hydrogen and helium for the HY-Range project on RSEL 802 licence in South Australia.
HIGHLIGHTS
• Prospective resource results vastly exceed Company expectations
• Prime position in Australia’s natural hydrogen/helium hotspot – HY-Range includes a regionally scarce fully granted license within South Australia’s hydrogen and helium fairway.
• Management to accelerate the exploration programme following these results to unlock HY- Range’s full potential
• Thor Energy effective 80.2% net interest in RSEL 802 through previously announced Go Exploration transaction.
• The estimated quantities of hydrogen and helium that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrogen and helium.
• The prospective resources are based on the entrapment model for natural hydrogen and helium in the free gas phase.
• The assessment was undertaken by RISC Advisory Pty Ltd.
A regulated substance exploration license (“RSEL”) grants the licensee the right to conduct exploratory operations for regulated substances, including hydrogen and helium, within a defined area. The grant of an RSEL “cures” a limitation that applies to petroleum exploration licences (“PEL”) granted before an amendment to the Petroleum and Geothermal Energy Regulations 2013 implemented in February 2021, which would otherwise not permit the licensee to explore for hydrogen.
Go Exploration will now progress to planning and executing the initial exploration phase. Thor will update the market as and when appropriate regarding the progress.
We are excited by the hugely significant prospective resource estimates for natural hydrogen and helium at our HY-Range Project within RSEL 802. This assessment, conducted by RISC Advisory, highlights the potential of this licence, which is underpinned by compelling geological factors and historical hydrogen and helium occurrences in the region. While these are unrisked estimates, and further work is required to confirm commercial viability, this marks a substantial milestone for Thor Energy. We believe this reinforces our strategic focus on natural hydrogen and helium exploration and positions us strongly for future growth in this emerging sector. We look forward to advancing our exploration efforts and unlocking the full potential of RSEL 802.
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