Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares lifted 25%, to 0.75p, after it said Phase-2 survey work at its HY-Range project in South Australia recorded natural hydrogen readings of up to 3%, giving the explorer added confidence as it moves the licence towards seismic work and drilling target definition.
The company said the peak reading, equivalent to 30,000 parts per million, was around 60,000 times background levels. The programme validated three high-priority focus areas (Mallala, Lochiel and Crystal) originally identified in the Phase-1 survey completed in the second quarter of 2025.
Thor said repeated high values ranged from several hundred to several thousand times background, while refined sampling techniques reduced the risk of false positives, sampling error or human-made contamination.
Managing director Andrew Hume said the results “far exceeded our expectations” and showed “compelling relationships” between surface anomalies and the interpreted crustal faulting needed to focus economic volumes.
The company expects shortly to announce the award of a 2D seismic acquisition programme across RSEL 802, designed to illuminate the Lochiel and Crystal focus areas for the first time and mature definitive drilling targets.
