Thor Energy Share News (THR)

(Alliance News) - Thor Energy PLC on Monday said recent geochemical testing at its HY-Range licence in South Australia has delivered highly encouraging results, significantly advancing its plans for hydrogen and helium exploration.

Shares in Thor Energy jumped 18% to 0.56 pence in London on Monday afternoon.

The US and Australia-focused mineral exploration company said soil sampling revealed natural hydrogen concentrations exceeding 1,000 parts per million in several areas, with one sample returning 3,000ppm, which is around 6,000 times typical background levels.

Helium values also reached up to 27ppm, more than five times the norm, according to the company.

The company said the data supports the presence of active natural hydrogen and helium systems within the licence and has helped identify four key focus areas for further exploration and drilling target definition.

"The results from our geochemical survey at HY-Range are very promising and effectively derisk the presence of active and potentially prolific natural hydrogen and helium systems," said Chief Executive Officer Andrew Hume.

Thor added that upcoming work will include further sampling at greater depths and density to refine its understanding of the subsurface systems.

The company also announced that Hume, who joined as managing director in February, has now been appointed CEO. Former Executive Director Alastair Clayton will resume his previous role as non-executive chair.

By Eva Castanedo, Alliance News reporter

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