Thor Energy Prepares Major 2D Seismic Survey to Unlock HY-Range Potential
Thor Energy is gearing up for a pivotal 2D seismic survey in mid-2026 at its HY-Range Project, while securing significant funding through divestments of non-core assets, positioning itself for focused hydrogen and helium exploration.
- 2D seismic survey planned for mid-2026 to identify drilling targets at HY-Range
- Phase-2 geochemistry survey underway to enhance hydrogen and helium migration models
- Divestment of Molyhil Tungsten Project and 75% of US Uranium portfolio completed
- Significant non-dilutive cash inflows expected starting early 2026
- Portfolio rationalisation reduces costs and sharpens focus on South Australian assets
Exploration Momentum Builds at HY-Range
Thor Energy PLC has outlined a clear and ambitious plan to advance its flagship HY-Range Project in South Australia, marking a significant step forward in its hydrogen and helium exploration efforts. Central to this progression is the upcoming acquisition of a major 2D seismic survey, expected to commence in mid-2026. This extensive survey, covering several hundred line-kilometres, aims to move the company beyond surface-level anomalies to well-defined subsurface drilling targets, a critical milestone in exploration maturity.
Complementing the seismic work, Thor is conducting a Phase-2 geochemistry survey designed to deepen understanding of hydrogen and helium migration, enrichment, and trapping mechanisms. Building on promising Phase-1 results, this survey integrates new sampling locations and innovative borehole techniques, enriching the data pool that will inform future drilling decisions.
Strategic Portfolio Simplification Fuels Growth
Alongside technical progress, Thor has executed a strategic portfolio rationalisation that has significantly strengthened its financial position. The company has divested its interest in the Molyhil Tungsten Project to Tivan Limited, with initial payments already received and further cash inflows anticipated through 2028. Additionally, Thor completed the sale of a 75% stake in its US URAVAN Uranium portfolio to Metals One PLC, coupled with a revenue-sharing agreement with DISA Technologies that promises potential income from legacy waste remediation without capital expenditure.
These moves have effectively streamlined Thor's asset base, reducing operational costs and focusing resources on the high-potential HY-Range project. The non-dilutive funding generated through these divestments provides the working capital necessary to advance exploration without immediate shareholder dilution, a notable achievement in the current capital markets environment.
Looking Ahead, Drilling and Development
With the Request for Quote (RFQ) for seismic acquisition imminent, Thor is poised to begin the survey next year, setting the stage for exploration drilling potentially as early as 2026, subject to permitting and seismic results. The integration of legacy seismic data, offset well evaluations, and ongoing geochemical insights positions the company for a robust and rapid maturation of its exploration targets.
Thor’s focused portfolio now centers on its South Australian natural hydrogen and helium assets, including the HY-Range project and associated Gas Storage Exploration Licences. This concentrated approach aligns with broader energy transition trends, as hydrogen and helium gain prominence in clean energy strategies.
Bottom Line?
Thor Energy’s strategic divestments and upcoming seismic survey set the stage for a decisive exploration phase that could redefine its role in the hydrogen and helium sector.
Questions in the middle?
- How will the seismic survey results influence the timing and scale of drilling at HY-Range?
- What are the potential risks or delays associated with permitting for exploration drilling?
- How might the revenue-sharing agreement with DISA Technologies impact Thor’s future cash flow?
