LONDON: Thor Energy Plc (AIM, ASX: THR, OTCQB: THORF) has entered into a binding acquisition agreement to acquire 80.2% of the issued share capital of Go Exploration Pty Ltd, an Australian-based natural hydrogen and helium explorer.
The acquisition will be satisfied by issuing 466,462,584 new ordinary shares in Thor Energy, with 70% of these shares subject to a six-month voluntary lock-in period. Go Exploration holds one of the three granted hydrogen and helium exploration licenses in South Australia (PEL 120) and has strategic applications in high potential areas (PELAs 697 and 709).
This acquisition aligns with Thor Energy’s strategy to focus on the clean energy economy. As part of its growth strategy, Thor Energy also announced a capital raise of £1,000,000 (~A$1,958,097) through the placing of 133,333,316 new ordinary shares at a price of 0.75 pence per share.
The capital raise received strong support from institutional and sophisticated investors and is conditional upon shareholder approval at a General Meeting expected to be held around November 28, 2024.
Executive Chairman Alastair Clayton expressed enthusiasm about acquiring a majority stake in Go Exploration, noting the significant exploration acreage and the potential for naturally occurring hydrogen and helium.
The acquisition positions Thor Energy alongside only two other companies with granted licenses for hydrogen exploration in South Australia, including Gold Hydrogen Limited and private company H2EX. Upon completion, Thor Energy plans to rapidly establish a prospective resource on several well-developed prospects ahead of drilling in 2025.
Go Exploration is a private explorer focused on onshore projects in South Australia, holding one petroleum exploration license (PEL 120) and five additional petroleum exploration license applications within the Gawler Craton area. The licenses are strategically located near key infrastructure and planned hydrogen export facilities. Go Exploration’s current exploration program includes soil gas surveys and geophysical studies.
This acquisition will expand Thor Energy’s portfolio of energy assets in South Australia, continuing its focus on exploring and developing critical minerals and gases in the energy sector.
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