Thor Energy Share News (THR)

(Sharecast News) - Thor Energy announced on Friday that it has been awarded two new Regulated Substance Exploration Licence Applications in South Australia's onshore Otway Basin, significantly expanding its natural hydrogen and helium footprint through a 50-50 joint venture with H2EX.

The AIM-traded firm said the licences, RSELA 810 and RSELA 811, covered a combined 4,123 square kilometres, or just over one million acres, in southeastern South Australia.

It said the applications followed a joint bid with Perth-based natural hydrogen explorer H2EX and would now progress through standard permitting processes before being formally granted as Regulated Substance Exploration Licences.

Thor said RSELA 810 hosts the historic Robe-1 well, drilled in 1915, which recorded a 25.4% natural hydrogen concentration, citing data from the South Australian Department for Energy and Mining.

The company described the reading as a strong proof-of-concept for active hydrogen generation systems in the basin.

It said the Otway Basin has a long history of oil and gas exploration and production, providing extensive subsurface data.

Thor said the area offered multiple potential mechanisms for natural hydrogen and helium source generation, migration and trapping, with several under-explored play types identified.

Under the terms of the partnership, costs would be split evenly between Thor and H2EX on a 50-50 basis.

The firm said the application fees were not material and no consideration was paid for the formation of the joint venture.

"We are thrilled to secure RSELA 810 and 811 alongside our joint venture partners, H2EX," said managing director and chief executive Andrew Hume.

"The award of these licence applications is a fantastic milestone, representing a mature, oilfield-style approach to exploration where we can combine our technical strengths to unlock the immense potential of the Otway Basin."

He added that the historical 25.4% hydrogen reading from the Robe-1 well "speaks volumes" about the pedigree of the acreage, adding that it holds substantial natural hydrogen and helium potential across several undrilled plays.

"We look forward to applying the extensive learnings we have gathered from our HY-Range project to this new, highly prospective acreage as we await the finalisation of licence awards."

Thor said the new acreage complemented its 80.2%-owned HY-Range RSEL 802 project in South Australia, enabling it to apply workflows and methodologies developed there across a broader portfolio and enhance geological diversification.

At 1211 GMT, shares in Thor Energy were up 3.28% at 0.63p.

Reporting by Josh White for Sharecast.com.