Thor Energy prospective resource results vastly exceed expectations

Thor Energy plc (LON:THR, ASX: THR, OTCQB: THORF) has announced an independent assessment of prospective resources for naturally occurring hydrogen and helium for the HY-Range project on RSEL 802 licence in South Australia.

·    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.

Highlights:

·      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.

Andrew Hume, Managing Director of Thor Energy, said

“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.”

Further Information on RSEL 802:

The HY-Range Project licence RSEL 802 is situated within the Neoproterozoic Adelaide Geosyncline in South Australia, is an exploration licence covering 6,336 square kilometres and is wholly owned by Go Exploration Pty Ltd, of which Thor Energy Plc recently acquired an 80.2% interest.

The geological setting of RSEL 802 is considered favourable for the exploration of naturally occurring hydrogen and helium. The Adelaide Geosyncline is a Neoproterozoic age failed rift system, in a similar geologic setting to other hydrogen and helium systems being targeted by industry across the globe. RSEL 802 is interpreted to be centrally placed within the geosyncline to receive potential charge of hydrogen and helium sources. This prospectivity is supported by historical reports of gaseous hydrogen occurrences in South Australia, notably at the Ramsay Oil Bore-1 on the Yorke Peninsula and the American Beach Oil-1 on Kangaroo Island. Numerous leads have been identified across RSEL 802 including large anticlinal folds mapped in the northern portion of the licence and significant structures delineated from gravity and magnetics in the southern portion.

Figure 1: RSEL 802 licence and Thor Energy PLC’s licence application (PELA) location map, overlain on opensource SEEBASE 06 depth to basement, and Adelaide Geosyncline surface geology maps.  Large basement structures and prospectivity dominate the south of RSEL 802 with geological affinity and proximity to American Beach-1 and Ramsey-1 wells with significant hydrogen and helium well results.  Adelaide Geosyncline fold-thrust belt prospectivity dominate northern RSEL 802.

Significant subsurface uncertainty is inherent in any hydrogen or helium exploration play. Consequently, further exploration, appraisal, and evaluation are necessary to confirm the presence and potential recoverability of hydrogen and helium volumes within RSEL 802.

The resources assessment is set out below in Table 1 and the matters required to be disclosed in accordance with Chapter 5 of the ASX Listing Rules are set out in Schedule 1.

Table 1: Unrisked Recoverable Prospective Resources Net to Thor at RSEL 802

Notes to the table:

1. 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.
2. These estimates are reported as of March 29 2025.
3. The natural hydrogen and helium resource estimates have been derived in accordance with the principles of the Petroleum Resources Management System (PRMS). The PRMS specifically applies to petroleum. However, the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) advised in August 2022 that although the gaseous extraction of natural hydrogen and helium is outside of the scope of the PRMS, the principles can be applied given the similarities in exploration, evaluation and exploitation.
4. The resource estimates are presented on a net entitlements basis and represent Thor’s net economic interest in the prospective recoverable hydrogen and helium volumes after deductions for a 2% royalty and minority shareholders interests in Go Exploration Pty Ltd .
5. The prospective resources have been evaluated using probabilistic methods and are presented on an unrisked basis.
6. Totals are calculated using arithmetic summation.
7. Hydrogen mass conversion is 2,321.98 tonnes per billion standard cubic feet (t/Bscf).
8. The estimates are for naturally occurring gaseous hydrogen and helium gas only. Adjustments for petroleum gases and inert gases have been made. No adjustment has been made to the estimates to account for fuel and flare.