Thor Energy’s Bold Exploration Move Raises Questions on Cash Sustainability and Resource Potential

Strategic Acquisition Bolsters Exploration Portfolio

Thor Energy PLC marked a pivotal moment in its evolution during the first quarter of 2025 by completing the acquisition of Go Exploration Pty Ltd. This transaction granted Thor control over the RSEL 802 licence (formerly PEL 120), one of only three granted hydrogen and helium exploration licences in South Australia’s strategic fairway near Adelaide. The licence conversion, approved by the South Australian Department of Energy and Mining, confers full exploration rights for natural hydrogen and helium, positioning Thor at the forefront of this emerging energy sector.

Encouraging Independent Resource Assessment

Following the acquisition, Thor engaged RISC Advisory, a respected energy consultancy, to conduct an independent prospective resource assessment. Released in late March, the study revealed significant quantities of natural hydrogen and helium within the HY-Range Project area. These findings exceeded the Board’s expectations and have catalysed a decision to fast-track passive on-ground exploration activities ahead of finalising drill targets later in the year. This proactive approach underscores Thor’s commitment to capitalising on the licence’s potential.

Financial Position and Operational Focus

Despite net cash outflows of $239,000 during the quarter, driven in part by $19,000 in exploration expenditures, Thor maintains a robust cash balance of $1.922 million. Cash inflows were supported by payments from Tivan Limited and proceeds from the sale of IVR shares. The company’s financial discipline will be critical as it accelerates exploration activities. Notably, no work was undertaken on other projects such as Molyhil, Bonya, or Ragged Range during this period, reflecting a strategic focus on the HY-Range Project.

Leadership and Corporate Developments

In February 2025, Thor appointed Andrew Hume as Managing Director. Hume brings extensive global energy sector experience and is based in Perth, Western Australia. His leadership is expected to drive the company’s exploration agenda and stakeholder engagement. The Board’s endorsement of the accelerated exploration program signals confidence in both the licence’s potential and the management team’s capabilities.

Outlook and Market Context

Thor Energy’s strategic positioning in natural hydrogen and helium exploration aligns with broader energy transition trends, where these gases are increasingly recognised for their role in clean energy solutions. The company’s early-stage but promising resource estimates place it among a select group of explorers in South Australia’s nascent hydrogen and helium sector. The coming quarters will be critical as Thor advances from resource assessment to tangible exploration results, potentially unlocking value for shareholders and contributing to Australia’s clean energy ambitions.