** Shares of Top End Energy rise as much as 35% to A$0.135, their highest levels since June 6

** Co says it is set to acquire American Co Serpentine Energy, including its natural hydrogen project in Kansas state

** About 1,460,374 shares change hands, compared with the 30-day average volume of 56,181

** Co has raised A$6 mln ($3.88 mln), and the proceeds will be used to expand the hydrogen project's lease holdings

** Top End Energy stock has fallen 35.5% this year, as of last close

($1 = 1.5468 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru) ((Nichiket.Sunil@thomsonreuters.com))