RNS
Reach
5 December
2024
Thor Energy
("Thor"
or the "Company")
Commencement of Prospective
Natural Hydrogen Resource Assessment at PEL120 Project South
Australia - Appointment of RISC Advisory
Thor Energy plc ("Thor") (AIM,
ASX: THR, OTCQB: THORF) is pleased to announce the appointment of
RISC Advisory Pty Ltd, a leading Western Australian-based
independent energy advisory firm to undertake the independent
assessment of natural hydrogen and helium resources on certain
target areas located on the granted licence area, PEL120, in South
Australia.
Thor is buying an 80.2% interest in
Go Exploration, the holder of PEL120, via a binding acquisition
agreement as announced on 29 October 2024 "Proposed Acquisition and
Placement" to which shareholder approval was granted on 28 November
2024 "Results of Meeting."
PEL120 is one of just four granted
licences for natural hydrogen and helium in South Australia. The
Board of Thor consider South Australia to be the premier address
for natural hydrogen and helium in Australia and
globally.
Completion of the purchase of Go
Exploration is expected to occur shortly subject to final
conditions precedent including the issuance of shares in Thor to
the shareholders of Go Exploration following Board approval. The
Company will update the market as and when this occurs.
Alastair Clayton, Executive Chairman commented: "We are hitting the ground
running at PEL120 as part of a soon to complete acquisition of
80.2% of Go Exploration. RISC will undertake an independent
assessment and audit of certain already identified targets on
PEL120 and, upon success, will allow for us to publish those
results and set a baseline for understanding of the size of the
potential prize in advance of further target refinement in the
first half of next year followed by drilling thereafter. I very
much look forward to reporting back with the results of this
prospective resource assessment in the new year.
"It is worth noting that following the completion of the
transaction, Thor Energy PLC will have a market capitalisation of
approximately A$14.5m, Cash and tradable securities of
approximately A$2.7m (unaudited) and Enterprise Value of
approximately A$11.8m. I believe this compares very favourably to
some of our publicly-listed natural hydrogen peers in Australia and
North America."
Fig. 1 -
Map of Southern Central South Australia with the granted Go
Exploration PEL 120 and applications PELA 709/697. Gas pipelines in
red and local ports in black squares.
ASX releases referenced;
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02873750-2A1558651
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02887805-2A1565131
The Board of Thor Energy Plc has
approved this announcement and authorised its release.
For further information on the
Company, please visit the website or please contact the following:
Thor Energy PLC
Alastair Clayton, Executive
Chairman
Rowan Harland, Company
Secretary
Tel: +61 (8) 6555 2950
Zeus Capital Limited (Nominated Adviser and Joint
Broker)
Antonio Bossi / Darshan Patel /
Isaac Hooper
Tel: +44 (0) 203 829
5000
SI
Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah
/ Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
This is a Reach announcement and the information contained is
not considered to be material or to have a significant impact on
management's expectations of the Company's performance. Reach is an
investor communication service aimed at assisting listed and
unlisted (including AIM quoted) companies to distribute
non-regulatory news releases into the public domain. Information
required to be notified under the AIM Rules for Companies, Market
Abuse Regulation or other regulation would be disseminated as an
RNS regulatory announcement and not on Reach.
About Thor Energy Plc
The Company is focused on uranium,
energy metals and recently Hydrogen and Helium that are crucial in
the shift to a clean energy economy.
For further information on Thor
Energy and to see an overview of its projects, please visit the
Company's website at https://thorenergyplc.com/.