Thor Energy signs letter of award for seismic acquisition survey

Thor Energy PLC on Wednesday said it signed a letter of award for an onshore 2D seismic acquisition survey.

The exploration company, with prospective projects in Australia and the US, said the letter of award is at its 80%-owned HY-Range project, regulated substance exploration licence RSEL 802 in South Australia.

The programme will buy about 464-line kilometres of 2D seismic data across the HY-Range project, with acquisition expected between the third and fourth quarters of 2026.

The contract has been awarded to Velseis Pty Ltd, an Australia seismic contractor providing integrated seismic technologies and turnkey spatial survey and acquisition solutions.

Thor Energy said: ‘The programme will target Thor Energy’s highest-priority zones within the enigmatic and highly prospective Torrens Hinge zone, a region of Neoproterozoic low-grade metasediments underlain by felsic-to-ultrabasic crystalline basement.’

Thor Energy Managing Director Andrew Hume said: ‘The award of this programme to Velseis marks a significant milestone for the HY-Range project. By illuminating the Torrens Hinge zone, we will finally be able to tie our surface geochemistry results, including our recent up to 3% natural hydrogen readings, to the deep basement structures that generate and focus these gases.

‘We will be moving to a full contract within the coming weeks and look forward to providing timing updates once all approvals and planning are complete. This fully integrated dataset will be instrumental in finalising our drill targets and helping drive this growing clean energy sector forward.’

Thor Energy shares fell 7.3% to 0.56 pence each on Wednesday afternoon in London.

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