Thor Energy Share News (THR)

(Sharecast News) - Thor Energy announced on Monday that it secured three gas storage exploration licences in South Australia through its subsidiary Go Exploration, marking a strategic step in its push to develop energy infrastructure in key Australian regions.

The AIM-traded firm said the licences - GSEL 804, GSEL 805, and GSEL 806 - were formally offered by the South Australian Department for Energy and Mining, and had been accepted by the company.

They granted exclusive rights to explore subsurface sites suitable for underground gas storage development.

The offer followed Go Exploration's application submitted in August last year.

Thor said the licences were issued under the Energy Resources Act 2000, and would become effective upon execution.

The initial term would run to 1 July, with Thor planning to exercise the renewal option, which would extend the licences for a further five years to enable full assessment of the gas storage potential.

Thor said the new licences aligned with its broader strategy to expand energy resource operations in Australia, particularly in areas with growing demand for gas storage infrastructure.

"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 6,300 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."

Hume said the potential for gas storage in South Australia was "substantial", adding that the company "looked forward" to working with both the South Australian government and local stakeholders as it progressed its exploration programmes.

"We will now execute the licence documents by formally accepting the offer."

At 1530 BST, shares in Thor Energy were down 11.27% at 0.45p.

Reporting by Josh White for Sharecast.com.