Thor Energy Advances HY-Range Natural Hydrogen & Helium Program with Seismic Expansion and Portfolio Streamlining
Thor Energy PLC (AIM, ASX: THR; OTCQB: THORF) (“Thor” or the “Company”), a well-funded specialist in natural hydrogen and helium exploration, has provided a comprehensive update on exploration progress at its flagship HY-Range Project (RSEL 802) in South Australia, alongside a corporate update highlighting a highly successful year of portfolio rationalisation and non-dilutive funding generation.
At HY-Range, Thor has completed line layout for a major 2D seismic survey covering several hundred line-kilometres, representing a critical step in advancing the project from surface-based geochemical anomalies toward defined subsurface drilling targets. The Company expects to issue a Request for Quote (RFQ) shortly, with seismic acquisition targeted for mid-2026 and exploration drilling planned for 2026 or thereafter, subject to permitting and survey results.
In parallel, Thor has commenced a Phase-2 geochemistry program, building on strong Phase-1 results obtained earlier in 2025. This second phase is designed to further refine models for hydrogen and helium migration by expanding sampling locations, introducing long-term monitoring sites, and deploying innovative borehole sampling techniques. The data will be fully integrated with reprocessed legacy seismic data, remote sensing, and offset well information to strengthen confidence in source, migration, enrichment, and trapping mechanisms across the licence area.
“We are delighted to report excellent progress in prosecuting our work plan for the HY-Range project,” said Andrew Hume, Managing Director and CEO of Thor Energy. “The decision to prioritise a large-scale 2D seismic survey marks a significant step change in our exploration maturity, allowing us to transition from surface anomalies to drill-ready subsurface targets.”
Complementing technical progress, Thor has executed a highly effective portfolio rationalisation strategy over the past year, generating substantial non-dilutive funding to advance HY-Range without immediate recourse to shareholders. The divestment of the Molyhil Tungsten Project is progressing toward completion, with Thor having already received A$375,000 and anticipating a further A$2.25 million cash payment in early 2026, followed by three annual deferred payments of A$1.3125 million through 2028.
In the United States, Thor has completed the sale of 75% of its URAVAN uranium portfolio to Metals One PLC while retaining a fully carried 25% interest. A separate binding revenue-sharing agreement with DISA Technologies provides potential upside from legacy uranium waste remediation projects, requiring no capital contribution from Thor.
Collectively, these transactions have significantly reduced Thor’s cost base, simplified its asset portfolio, and positioned the Company with the working capital required to aggressively advance HY-Range — now the clear focal point of Thor’s growth strategy. With integrated seismic, geochemistry, and legacy data workflows underway, Thor is rapidly maturing HY-Range into one of Australia’s most advanced onshore natural hydrogen and helium exploration programs.
Full press release can be found at the link below.
