Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF) is pleased to announce that following a comprehensive bid evaluation process, it has signed a Letter of Award for an onshore 2D seismic acquisition survey at the Company’s 80.2%-owned HY-Range Project, Regulated Substance Exploration Licence RSEL 802, in South Australia.
HIGHLIGHTS:
• Major Acquisition Programme: the Programme will acquire approximately 464 line-kilometres of 2D seismic data across the HY-Range project (Figure 1), with acquisition expected between Q3 and Q4 2026.
• Leading Contractor Appointed: the contract has been awarded to Velseis Pty Ltd., a leading Australian seismic contractor providing integrated seismic technologies and turnkey spatial survey and acquisition solutions.
• Priority Focus Areas: the Programme will target Thor Energy’s highest-priority zones within the enigmatic and highly prospective Torrens Hinge Zone, a region of Neoproterozoic low-grade metasediments underlain by felsic-to-ultrabasic crystalline basement.
• Enhanced Visualisation Potential: the seismic data will be linked with Thor’s existing subsurface models, gravity, magnetic, and passive datasets, as well as the recently announced Phase-2 geochemistry results (which recorded natural hydrogen readings of up to 3%), to fulfil the Company’s pre-drill exploration maturation.
• Clear Path to Drilling: the Programme is designed to provide depth control, reveal the nature of the hydrogen- and helium-generating basement rocks, map pervasive faulting that acts as a migration control, confirm existing leads, and identify new prospects for definitive exploration drilling.
• Fully Funded Programme: following a successful series of non-core asset divestments, the Company has sufficient financial resources to fund this programme from existing cash reserves.
• Next Steps: the Company will move to a full contract within the coming weeks and will provide further timing updates to the market once all approvals and detailed planning have been completed.
With this Programme, we are fulfilling part of Thor's fundamental philosophy of bringing the best of both worlds from mineral and hydrocarbon exploration. By testing and validating these techniques, we are providing differentiated insights and applying rigorous, play-based exploration processes to mature the latent potential of natural hydrogen and helium at Thor’s RSEL 802, HY-Range project.
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