RCS - Thor Energy PLC - Appointing RISC Advisory for Hydrogen Assessment

Thor EnergyAnnouncement

05/12/2024 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241205:nRSE8518Oa&default-theme=true

RNS Number : 8518O  Thor Energy PLC  05 December 2024

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/2924-02873750-2A1558651)

 

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02887805-2A1565131
(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
(https://thorenergyplc.com/)  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 (mailto: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/
(https://thorenergyplc.com/) .

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFSLFMLELSEEE