Thor Energy shares rise as the explorer looks to hydrogen and helium with a bolstered cash position Proactive uses images sourced from Shutterstock

Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares strengthened in Wednesday morning's trade, climbing 10% to 0.66p, as the small-cap's first quarter update highlighted a stronger cash position that provides headroom as it advances its natural hydrogen and helium exploration portfolio.

The firm's cash balance rose to stand at A$3.31 million by the end of March, after completing the sale of the Molyhil Tungsten-Molybdenum Project. The company received A$2.25 million on completion of the Molyhil sale to Tivan Limited in January.

The transaction represents A$6.56 million of net proceeds to Thor, with further annual payments of A$1.31 million due each September for three years.

With fresh mandate and impetus, Thor is putting its front foot forward. It highlighted on Wednesday that, at the HY-Range Project in South Australia, it completed its Phase 2 soil air geochemistry survey during the quarter, with that work following a prior three-month sampling programme.

It builds on Phase 1 results from last May, which recorded natural hydrogen concentrations of up to 3,000 ppm, around 6,000 times background, alongside helium anomalies.

Thor said all field operations at RSEL 802 were completed safely and on budget, with preliminary analysis now underway. Results are expected in the coming quarter and will be used to refine subsurface models ahead of planned 2D seismic work and future drilling targets.

It also expanded its natural hydrogen portfolio during the quarter by securing applications for RSELA 810 and 811 in the onshore Otway Basin through a 50:50 joint venture with H2EX Ltd.

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