Thor Energy PLC (ASX:THR) Pushes Into Hydrogen and Helium with South Australian Seismic Survey Plans

Aditi Sarkar

29 October 2026 04:53 PM AEDT

Thor Energy PLC (ASX:THR) Pushes Into Hydrogen and Helium with South Australian Seismic Survey Plans

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Highlights

• Thor Energy PLC has told the market that its September 2026 quarter was spent consolidating its finances and.

• The company's focus is the HY-Range Natural Hydrogen and Helium Project, held under licence RSEL 802 in South.

• On 15 September 2026 Thor received the first annual deferred completion payment of A$1,312,500 from Tivan Limited .

• Thor's tenement schedule lists the HY-Range licence (6,332 square kilometres) and three Geo-Range licences, GSEL 804, 805 and.

Thor Energy PLC (ASX:THR) — has told the market that its September 2026 quarter was spent consolidating its finances and moving its South Australian natural hydrogen and helium project through the approvals process. The company reports that it ended the quarter with A$3.0 million in cash.

Central development

The company's focus is the HY-Range Natural Hydrogen and Helium Project, held under licence RSEL 802 in South Australia. According to Thor, it is working through public consultation and the statutory pathway towards a Statement of Environmental Objectives, which is assessed by the South Australian Department for Energy and Mining. That process is still under way and has not been completed.

Thor plans a 464 line-kilometre two-dimensional seismic survey over the licence. Management now expects acquisition to take place in late the first quarter or early the second quarter of 2027, depending on the timing of approvals.

Deferred payment received

On 15 September 2026 Thor received the first annual deferred completion payment of A$1,312,500 from Tivan Limited , linked to the earlier sale of the Molyhil project. Tivan settled half in cash (A$656,250) and half in Tivan ordinary shares (A$656,250). Thor says the shares are escrowed until March 2027, after which it will decide when to sell them based on market conditions and its own cash-flow modelling.

Cash flow

The Appendix 5B shows net operating cash outflow of A$468,000 for the quarter. That comprised A$61,000 on exploration and evaluation, A$184,000 on staff costs and A$223,000 on administration and corporate costs. Investing inflows were A$656,000, being the cash component of the Tivan payment. There was no financing activity.

Cash at the start of the quarter was A$2.815 million and, after a small foreign-exchange effect, closed at A$3.0 million. Payments to directors of A$138,000 were reported as related-party payments.

Thor estimates that it has about 6.4 quarters of funding, calculated from its closing cash and the current quarter's operating outflow. It reports no borrowings, no undrawn facilities and no equity raising in the quarter. The company says it is fully funded for its planned seismic programme without needing to return to equity markets for now. The report does not disclose the cost of the seismic survey, so the extent to which the stated runway covers it is not clear from the document.

Tenements and other interests

Thor's tenement schedule lists the HY-Range licence (6,332 square kilometres) and three Geo-Range licences, GSEL 804, 805 and 806, all held through Go Exploration at an 80.2 per cent interest. It also lists a 40 per cent interest in the Bonya licence in the Northern Territory and an oxide interest in the Alford East licence in South Australia.

In the United States, Thor holds a 25 per cent interest in uranium and vanadium claims in Utah and Colorado. The company cited natural hydrogen geochemistry results as support for the HY-Range prospect, although these are early-stage indications and not evidence of a commercial resource.

Risks and conditions

Thor's seismic programme depends on completing the Statement of Environmental Objectives and obtaining remaining formal approvals, neither of which has been confirmed. Natural hydrogen and helium exploration is at an early stage globally, and the company has not reported any discovered or quantified resource. Thor's cash position also benefited from a one-off deferred payment.

Next milestones

The milestones set out by the company are finalising the Statement of Environmental Objectives and other approvals for RSEL 802, starting the seismic survey in late the first or early the second quarter of 2027, and the end of the Tivan share escrow in March 2027, after which Thor will consider a sale.

FAQs

Q: What is the main development reported by Thor Energy PLC?

A: Thor Energy PLC — has told the market that its September 2026 quarter was spent consolidating its finances and moving its South Australian natural hydrogen and helium project through the approvals process. The company reports that it ended the quarter with A$3.0 million in cash.

Q: What should readers watch next for Thor Energy PLC?

A: The milestones set out by the company are finalising the Statement of Environmental Objectives and other approvals for RSEL 802, starting the seismic survey in late the first or early the second quarter of 2027, and the end of the Tivan share escrow in March 2027, after which Thor will consider a sale.

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