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Pulsar Helium Company Questions (PLSR)
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Share Price Information for Pulsar Helium (PLSR)
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Previously Answered Questions
17th June 2025
Q. What is the significance of the well-head pressure readings?
A. PLSR has announced the testing update and schedule.
For further information on the significance of Well Head Pressure, the Jetstream #1 well flowed naturally to surface and when we conducted flow tests in 2024 the flow rate was increasing over each of the 3 tests (~7 hours each).
It must be kept in mind that this is the first time that the Topaz project had been drilled using a gas rig with gas specific testing equipment. A longer flow test was not appropriate at the time as the objective was simply confirming that the helium was present and under pressure, which we confirmed to be true.
With the deepening of Jetstream #1 and drilling of Jetstream #2, multiple percent helium was detected in the mud gas logs for both. These mud gas samples were heavily diluted by atmospheric gas (air) therefore the true helium percentages would be higher. We then placed the well heads on each well, the pressure built to levels similar to what we had at Jetstream #1 in 2024.
For reference, the most prolific primary helium system (Pinta Dome) had an average surface shut-in pressure of 99.3 psi when it commenced production in 1961.
When we went to flow test, it was only then that we found the wells to be constrained by drill fines (rock dust) and knew that clean-up would be required. Drill fines are a common occurrence and the methods to remove them are well understood. We will soon conduct the flow tests and release this data to the market, along with pressure readings and helium concentration.
We cannot speculate on decline curves as once again; these are only the first and second wells ever to be drilled at the project and every project is different.
The Company's technical evaluations and recent drilling results provide strong confidence in the subsurface geology and the ability of the wells to flow helium-rich gas naturally to the surface. The PLSR team has worked diligently to de-risk the project through extensive geological studies, seismic interpretation, and well testing, and the data continues to support a robust reservoir with favourable flow characteristics.
17th June 2025
Q. What is the Boards position on Debt Vs Equity funding?
A. One of PLSR's major shareholders (University Bank, Michigan) has offered a project finance facility due to the impending well test results and their long-term belief in the outcome of the Topaz project.
It is almost unheard of for companies at PLSR's stage of development to be offered this type of flexible funding from a bank and illustrates the high confidence the bank has in PLSR's ability to take this exploration project to production.
This debt facility allows PLSR flexibility in its approach and a good alternative to dilutive share issues, which we intend to use only when appropriate.
All funding decisions are taken on a case-by-case basis.
Furthermore, PLSR management are also significant shareholders to ensure all stakeholders are aligned.
17th June 2025
Q. What is happening with regional expansion?
A. The State of Minnesota has recently put in place new gas legislation (including helium), May 2024.
This includes the leasing of State lands for helium exploration and production.
We have expressed our interest and await the leasing process to be finalised.
Otherwise, the leasable mineral owners consist of private ownership (what PLSR currently has) and Federal ownership (not possible to be leased for any mineral commodity).
Leasing of the State minerals is something that will have a material impact on the size of the PLSR footprint and will be announced when suitable to do so via the Company's regulatory announcement provider, RNS.
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