Thor Energy today announced the successful award of two new Regulated Substance Exploration Licence Applications (“RSEL”) (RSELA 810 and RSELA 811) to Thor and its 50:50 joint venture partner, H2EX. Located in the onshore Otway Basin in Southeastern South Australia these applications represent a significant expansion of the Company’s natural hydrogen and helium exploration footprint along with hydrocarbon potential, with a combined area of 4,123km², slightly larger than one million acres. 

Highlights

• Strategic Joint Venture: award of RSELA 810 and 811 in a 50:50 partnership with natural hydrogen explorer, H2EX.
• Proven Hydrogen Potential: RSELA 810 hosts the historic 1915 Robe-1 well, which recorded an exceptional 25.4% natural hydrogen concentration (Ref: Alexander, 2023).
• Highly Prospective Region: located in the onshore Otway Basin, an area historically famous for oil and gas exploration and production, now demonstrates significant potential for natural hydrogen and helium.
• Synergistic Portfolio Expansion: adds substantial value and risk diversification to Thor's portfolio, building on the successful exploration blueprint established at the Company's flagship HY-Range (RSEL 802) project. Located close to infrastructure with easy access to South Australia's and Victoria's east coast energy and industrial markets.

Following today’s announcement “New opportunities in the pipeline” by the South Australian Minister of the Department of Energy and Mining (“DEM”), these applications will now progress through the standard permitting processes before being formally awarded as granted Regulated Substance Exploration Licences (“RSEL”). 

Andrew Hume, Managing Director and CEO, commented: 
"We are thrilled to secure RSELA 810 and 811 alongside our joint venture partners H2EX. The award of these licence applications is a fantastic milestone, representing a mature, oilfield-style approach to exploration where we can combine our technical strengths to unlock the immense potential of the Otway Basin. 

The historical 25.4% hydrogen reading from the Robe-1 well speaks volumes about the pedigree of this acreage which holds substantial natural hydrogen and helium potential across several undrilled plays. We look forward to applying the extensive learnings we have gathered from our HY-Range project to this new, highly prospective acreage as we await the finalisation of licence awards." 

RSELA 810 and RSELA 811: Approach, Overview and Impact 

RSELA 810 and RSELA 811 are located within Southeastern South Australia, a state which continues at the heart of Thor’s clean energy, decarbonisation and energy metals strategy (Figure 1). 

Figure 1: Location of RSELA 810 and RSELA 811 in Thor Energy’s South Australian portfolio 

A Collaborative Partnership Approach  

This joint bid demonstrates the adoption of established oilfield commercial practices within the emerging natural hydrogen sector. By partnering in this way, Thor Energy and H2EX are combining their proprietary know-how and extensive South Australian operational expertise. This collaborative approach is designed to maximise the exploration potential of these specific areas, pooling resources and technical knowledge to efficiently accelerate discovery. The fees associated with the application for the license were not material, with no consideration applicable to the formation of the partnership.  Any costs incurred by the project will be evenly split on a 50:50 basis between Thor and H2EX. 

Geological Diversity and Historical Verification  

The onshore Otway Basin is historically renowned for its rich oil and gas pedigree, providing legacy data to inform our understanding of the regional subsurface architecture. Whilst the basin has been the focus of historic oil and gas activity, numerous under-explored areas and play types particularly suited for natural hydrogen and helium prospectivity have been identified. RSELA 810 and 811 are considered highly prospective, benefiting from significant geological diversity that offers multiple potential mechanisms for natural hydrogen and helium source generation, migration pathways, and trapping potential. 

Notably, the prospectivity of the acreage is heavily supported by historical data; the Robe-1 well, drilled within the RSELA 810 area in 1915, encountered gas containing 25.4% natural hydrogen (Alexander, 2023), providing outstanding proof-of-concept for the region's active generation systems. 

Portfolio Synergies and Strategic Growth  

RSELA 810 and RSELA 811 provide high value enrichment to Thor's natural hydrogen and helium portfolio. It allows the Company to take the advanced learnings, workflows, and field methodologies developed at its 80.2%-owned HY-Range Project (RSEL 802) and transpose them to a new setting. This introduces subtle variations in geological prospectivity, effectively adding value and improving risk diversity across the Company's broader natural hydrogen and helium portfolio. 

Next Steps 

Following the recent announcement by the State Minister of the DEM, Thor and H2EX will await further details and work collaboratively with the DEM as the applications move through the necessary permitting and consultation processes towards awarding of a full licence.