Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares traded higher in Monday morning's deals after it reported positive soil gas geochemistry results at the HY-Range project (RSEL 802) in South Australia.
Hydrogen readings exceeding 1,000 ppm and peaking at 3,000 ppm, and helium values up to 27 ppm, the company told investors.
The survey defined four principal focus areas (Mallala, Locheil, Crystal and Mt Lock) which enable the company to high-grade acreage and refine drilling targets for natural hydrogen and helium systems.
“These results effectively de-risk the presence of active and potentially prolific natural hydrogen and helium systems in our licence,” managing director Andrew Hume said.
In London, Thor Energy shares climbed 6.3% to change hands at 0.51p, after reaching 0.6p in opening deals.