Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has appointed RISC Advisory, a Western Australian-based independent energy advisory firm. to carry out an independent assessment of natural hydrogen and helium resources on licence area PEL120 in South Australia.
Licence PEL120 is part of Go Exploration's portfolio, where Thor is currently in the process of buying an 80.2% stake.
Completion of the purchase of Go Exploration is expected to occur shortly subject to final conditions being met, Thor added.
PEL120 is one of just four granted licences for natural hydrogen and helium in South Australia.
Alastair Clayton, executive chairman added: "We are hitting the ground running at PEL120 as part of a soon to complete acquisition of 80.2% of Go Exploration.
“RISC will undertake an independent assessment and audit of certain already identified targets on PEL120 and, upon success, will allow for us to publish those results and set a baseline for understanding of the size of the potential prize in advance of further target refinement in the first half of next year followed by drilling thereafter.
"It is worth noting that following the completion of the transaction, Thor Energy will have a market capitalisation of approximately A$14.5 million, cash and tradable securities of approximately A$2.7 million (unaudited) and Enterprise Value of approximately A$11.8 million.
“I believe this compares very favourably to some of our publicly-listed natural hydrogen peers in Australia and North America."