Thor Energy (ASX:THR): HY-Range Hydrogen Survey and Tivan Payment

Aditi Sarkar

29 October 2026 05:58 PM AEDT

Thor Energy (ASX:THR): HY-Range Hydrogen Survey and Tivan Payment

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Highlights

The Molyhil deferred payment comprised cash and escrowed shares.
Closing cash reached A$3.0 million at 30 September 2026.
The planned HY-Range seismic survey still requires approvals.
The stated survey window falls in early 2027, subject to approvals.

Thor Energy PLC (ASX:THR) said in its quarterly report for the period ended 30 September 2026 that it received a deferred completion payment of A$1,312,500 from Tivan Limited (ASX:TVN) on 15 September 2026, linked to the earlier sale of the Molyhil project. The company, which is also listed on London's AIM, is focused on hydrogen and helium exploration, with additional interests in copper, gold, uranium and other energy metals.

The Tivan payment

The payment was split evenly between cash and shares. Thor received A$656,250 in cash and A$656,250 in Tivan ordinary shares. The Tivan shares are subject to escrow until March 2027, after which Thor said it will decide when to sell based on market conditions and cash flow modelling. The value of those shares and the timing of any sale are therefore uncertain. Thor Energy (ASX:THR) describes these matters as part of its September 2026 activities.

The cash portion appeared in the cash flow statement as an investing inflow of A$656,000, which helped lift closing cash to A$3,000,000 from A$2,815,000 at the start of the quarter. Thor Energy (ASX:THR) describes these matters as part of its September 2026 activities.

Spending and funding runway

Operating cash outflow for the quarter was A$468,000. That included A$61,000 on exploration, A$184,000 on staff costs and A$223,000 on administration and corporate costs. Payments to directors totalled A$138,000. Thor Energy (ASX:THR) describes these matters as part of its September 2026 activities.

Thor said it has no loan facilities, credit standby arrangements or other financing facilities. Using its own calculation of A$3.0 million divided by A$468,000 of quarterly operating outflows, the report puts the estimated runway at 6.4 quarters. The company said it expects to fund operations without an immediate equity raising, but the runway figure depends on spending staying at current levels, which means any step-up in activity could shorten it.

HY-Range hydrogen project

The main exploration focus is the HY-Range project, held under licence RSEL 802 in South Australia and covering 6,332 square kilometres. Thor's partner Go Exploration holds an 80.2 per cent interest. The planned work is a 464 line-kilometre two-dimensional seismic acquisition survey.

Public consultation and the Statement of Environmental Objectives process through the South Australian Department of Energy and Mining are still under way. The chief executive said the seismic window will most likely be in late Q1 or early Q2 2027. The company cited natural hydrogen geochemistry results as part of the exploration rationale, though these are early-stage indicators rather than a discovery or a resource.

Thor's other interests include the Geo-Range licences, GSEL 804, 805 and 806, at 80.2 per cent, the Bonya project at 40 per cent, an 80 per cent oxide interest at Alford East, and 25 per cent interests in US uranium and vanadium claims in Utah and Colorado.

Milestones and risks

The report sets out three near-term markers: finalisation of the Statement of Environmental Objectives and formal approvals, which must come before the seismic survey proceeds; seismic acquisition in late Q1 or early Q2 2027; and the end of the Tivan share escrow in March 2027.

The main risks flagged are regulatory and timing risks around the consultation process, which could delay the survey, and the uncertainty around the value and sale timing of the escrowed Tivan shares. Hydrogen and helium exploration in the region remains at an early stage, and the quarterly report does not claim any discovered volumes.

Key Insights

Thor Energy (ASX:THR) reported 2026 activity alongside unresolved project milestones. Reported cash, technical work and approvals are different measures of progress; none alone establishes future production, sales or funding completion.

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