REG - Thor Energy PLC - HY-Range Project Maiden Prospective Resource
31/03/2025 07:15
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RNS Number : 8109C Thor Energy PLC 31 March 2025
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.
31 March 2025
Thor Energy PLC
("Thor" or the "Company")
HY-Range Project (RSEL 802) Delivers Impressive Maiden Natural Hydrogen and
Helium Prospective Resource
Thor Energy plc ("Thor" or "the Company") (AIM, ASX: THR, OTCQB: THORF) 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.
· 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
Unrisked Recoverable Prospective Resources on RSEL 802
Hydrogen Helium
1U 2U 3U 1U 2U 3U
RSEL 802 (gross) 281 1,071 3,583 25 115 436
less royalty 6 21 72 1 2 9
Go Exploration (net) 275 1,050 3,511 25 113 427
less minority interests 55 208 695 5 22 85
Thor (net) (Bcf) 221 842 2,816 20 90 343
Thor (net) (t) 512,820 1,954,557 6,538,916
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.
ASX releases referenced;
"Completion of the Go Exploration Pty Ltd Acquisition and Total Voting Rights"
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02913451-2A1578533&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4
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
Andrew Hume, Managing Director
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 / Gabriella Zwarts
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
Competent Person Statement
The information in this report that relates to exploration results and
exploration targets is based on information compiled by Andrew Hume, who holds
a BSc in Geology (Hons). Mr Hume is an employee of Thor Energy PLC. He has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves' and is a qualified person under AIM Rules. Andrew Hume
consents to the inclusion in the report of the matters based on his formation
in the form and context in which it appears.
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/) .
Schedule 1
Rule Number Title Comments
5.25.1 Date of Estimates March 29 2025
5.25.2 Classification of Petroleum Resources The natural hydrogen and helium resource estimates have been derived in
accordance with the principles of the PRMS. The PRMS specifically applies to
petroleum. However, the OGRC 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.
5.25.3 Disclosure of Total Petroleum Initially-in-Place Not applicable as total petroleum initially-in-place and other regulated
categories are not stated.
5.25.4 Disclosure of Discovered Petroleum-Initially-In-Place Not applicable as discovered petroleum initially-in-place not stated.
5.25.5(a) Reporting Based on Economic Interest Go Exploration Pty Ltd is the sole licencee of RSEL 802. Thor owns 80.2% of
Go Exploration Pty Ltd (see Thor ASX announcements of 30 October 2024 and
17 February 2025).
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 the minority interest in Go Exploration
and the royalty described below.
5.25.5(b) Reporting Net of Royalties The prospective resources are reported net of a 2% royalty payable to Tri-Star
Royalty Company Pty Ltd.
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 the royalty and minority interest in Go
Exploration described above.
5.25.5(c) Not Reported in Relation to Pure Service Contracts Not applicable
5.25.6 Method of Estimation Probabilistic
5.25.7 Units of Measurement Reported in appropriate units, otherwise not applicable. Hydrogen volumes
are presented in both billion cubic feet (Bcf) and metric tonnes (t). Helium
volumes are presented in Bcf.
5.28.1 Categorization of Prospective Resources See resource table in announcement.
5.28.2 Cautionary Statement 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.
5.28.3 Prohibition of Mean Estimate Mean estimate not stated
5.28.4 Aggregation Methods Arithmetic
5.28.5 Aggregation Beyond Project Level Estimates are aggregated by category. The aggregate low estimate may be a
very conservative estimate and the aggregate high estimate may be a very
optimistic estimate due to the portfolio effects of arithmetic summation.
5.35.1 Permits and licenses South Australian Regulated Substance Exploration Licence 802 (RSEL 802)
5.35.2 Basis for Estimates See notes to resource table in the body of the announcement. 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.
5.35.3 Chance of Discovery and Development The geological chance of success (GCoS or Pg) for both natural hydrogen and
helium is estimated to be between 6% and 9% which is consistent with a
moderate value for risk in basins at this current level of subsurface
understanding. Our planned 2025/26 exploration program, featuring geochemical,
optional geophysical, and drilling operations, is strategically designed to
enhance GCoS through the acquisition of critical new subsurface data.
The chance of development (Pd) for natural hydrogen, once discovered, is
considered high particularly due to RSEL 802's proximity to the city of
Adelaide for industrial and domestic use, gas pipelines and electricity
transmission lines which cross the licence, and numerous mining, steel and
industrial sites across South Australia.
The chance of development (Pd) for helium, once discovered, is also considered
to be high due to growing Australian market demand, current lack of production
in Australia, and relative global production scarcity.
5.35.4 Risked Estimates The prospective resources are unrisked. Risked estimates are not reported.
5.41 Estimates Prepared by Qualified Evaluator See LR 5.42 disclosure below.
5.42 Disclosure of Qualified Evaluator This announcement is based on and fairly represents information and supporting
documentation prepared by or under the supervision of Adam Craig. He is a
qualified petroleum reserves and resources evaluator employed by RISC Advisory
Pty Ltd. He is a member of PESA, a certified petroleum geologist of the AAPG
and a Fellow of the Geological Society. He is not an employee of Go
Exploration Pty Ltd, Thor Energy Plc or any of its subsidiaries. This
announcement is issued with his prior written consent as to its form and
content in accordance with the requirements of ASX Listing Rule 5.42.
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