Thor Energy said partner Investigator Resources (Fram) has met the "Stage 1 Commitment" obligations under the farm-out of the Molyhil and Bonya Projects in Australia’s Northern Territory.
Fram has carried out A$1m of exploration activities and is now entitled to a 25% interest in the tenements, Thor added.
IVR will issue Thor A$250,000 worth of shares when Fra formalises its 25% joint venture interest.
Fram can opt to continue to earn up to 80% interest in the tenements via a three-stage process.
Nicole Galloway Warland, Thor Energy’s managing director, commented: "The directors are delighted that this Stage 1 Commitment milestone has been met and are excited to move to the next phase of the HoA [heads of agreement], working with IVR to complete all JV documentation.
"The Molyhil/Bonya Earn-in and the JV allow Thor to retain an equity interest in the prospective Molyhil tenements with reduced operational risk.”