Thor Energy Share News (THR)

(Alliance News) - Thor Energy PLC on Monday said subsidiary Go Exploration Pty Ltd has been granted three gas storage exploration licences.

The US and Australia-focused mineral exploration company said it accepted an offer from the South Australian Department for Energy and Mining for licences GSEL 804, GSEL 805 and GSEL 806.

The offer followed an application by Go Exploration in August 2024, and provide the exclusive right to explore subsurface sites that are potentially suitable for development as underground gas storage facilities within the licence areas.

"We are delighted to receive the offer for these Gas Storage Exploration Licences, which are located adjacent to the City of Adelaide and collectively cover an expansive area of more than 6300 [square kilometres]," said Managing Director Andrew Hume.

"These licences are contiguous with and substantially augment our South Australian natural hydrogen exploration portfolio. This defines a significant step in our strategy to explore in depth the diverse energy solutions that can support Australia's energy security and transition.

"The potential for gas storage in this region of South Australia is substantial, and we look forward to working with both the South Australian Government and local stakeholders as we progress our exploration programmes. We will now execute the licence documents by formally accepting the offer."

Shares in Thor Energy were down 11% at 0.45 pence each in London on Monday afternoon. The stock is down 50% over the past year.

By Emily Parsons, Alliance News reporter

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