Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has firmed up its proposed acquisition of 80.2% Australia-based natural (white) hydrogen and helium explorer Go Exploration into a binding agreement.
The consideration will be met by the issue of 466 million shares (worth £3.7 million at 0.8p) with a six-month voluntary lock-in on 70% of these shares.
Go Exploration holds one of only three granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high-potential application areas covered by applications (PELAs 697 and 709).
Thor recently raised £1 million through an equity raise subject to shareholder approval and said it intends to move rapidly to establish a prospective resource on several prospects before drilling in 2025.
Alastair Clayton, Thor’s executive chairman, stated: “Go Exploration is an early mover in the hydrogen and helium exploration space and have amassed over 22,000 sq km in exploration acreage across granted PEL120 (6,336 sq km) and 2 licence applications (15,908sq km) in South Australia.
"These projects are prospective for naturally occurring ‘white’ hydrogen and helium.
“This is a clean energy sector we are extremely keen to enter but quality opportunities in investable jurisdictions are few and far between.
"Aside from the fantastic geological and geographical attributes of the Go portfolio, what makes this acquisition so compelling is the granted status of the large and highly prospective PEL 120 (RSEL 802) licence and the strategic licence applications associated with key infrastructure and where high hydrogen generation potential has already been interpreted.
“Thor can, through this acquisition, join only two other companies with granted licences for hydrogen exploration in South Australia.
“This peer group comprises Gold Hydrogen and private company H2EX. Upon completion of this transaction.”