Thor Energy’s Acquisition Raises Questions on Share Dilution and Resource Potential
Thor Energy has completed its acquisition of an 80.2% interest in Go Exploration, gaining access to prime hydrogen and helium exploration licenses in South Australia and significantly expanding its clean energy portfolio.
- Acquisition of 80.2% of Go Exploration via 466 million new shares
- Go Exploration holds one of only four granted hydrogen and helium licenses in South Australia (PEL 120)
- 70% of consideration shares subject to six-month voluntary lock-in
- Upcoming independent resource assessment at PEL 120 expected soon
- Total shares post-acquisition exceed 1 billion with new shares admitted to ASX and AIM
Strategic Acquisition Completed
Thor Energy Plc has officially completed the acquisition of an 80.2% stake in Go Exploration Pty Ltd, an Australian explorer focused on natural white hydrogen and helium. This transaction, first announced in October 2024 and approved by shareholders in November, marks a significant step in Thor's pivot towards clean energy resources.
The acquisition was settled through the issuance of 466,462,584 new ordinary shares, with 70% of these shares subject to a voluntary six-month lock-in period, ensuring stability in the shareholder base. Additionally, 25 million shares were issued to Orana Corporate LLP as consideration for consultancy services related to the deal.
Access to High-Potential Exploration Licenses
Go Exploration's portfolio includes one of only four granted hydrogen and helium exploration licenses in South Australia, PEL 120, which is strategically located near recent discoveries by Gold Hydrogen Limited at Ramsay-1 and Ramsay-2. The company also holds promising application areas (PELAs 697 and 709) that could yield further exploration opportunities.
An independent assessment of the natural hydrogen and helium resources at PEL 120 is currently underway, with results anticipated shortly. This evaluation will be critical in defining the scale and commercial potential of the assets, potentially positioning Thor Energy at the forefront of natural hydrogen and helium exploration in Australia.
Aligning with the Clean Energy Transition
Thor Energy’s Managing Director, Andrew Hume, described the acquisition as transformative, emphasizing the alignment with the company’s strategic focus on clean energy. The addition of Go Exploration’s licenses enhances Thor’s portfolio in energy metals and hydrogen, both essential components in the global shift towards sustainable energy solutions.
Executive Chairman Alastair Clayton highlighted the milestone nature of the acquisition, noting that the enlarged market capitalization post-transaction positions Thor Energy as a compelling player among its Australian and international peers.
Capital Structure and Market Implications
Following the issuance of the new shares, Thor Energy’s total ordinary shares on issue will rise to 1,003,405,968. These shares have been admitted for trading on both the ASX and the London Stock Exchange’s AIM market, effective from 20 February 2025. This dual listing enhances liquidity and broadens the investor base.
Investors will be closely watching the upcoming resource statement and subsequent exploration progress, which will be pivotal in validating the value of the newly acquired assets and justifying the share dilution involved in the acquisition.
Bottom Line?
Thor Energy’s acquisition of Go Exploration sets the stage for a new chapter in hydrogen and helium exploration, with upcoming resource results likely to be a key catalyst.
Questions in the middle?
- What will the independent resource assessment reveal about the scale of hydrogen and helium at PEL 120?
- How will the market respond to the significant share dilution following the acquisition?
- What are Thor Energy’s plans for advancing exploration and development on the newly acquired licenses?
