Pulsar Group Share News (PULS)

(Sharecast News) - Pulsar Helium announced on Tuesday that it has appointed global energy consultancy Sproule-ERCE to conduct a pre-feasibility study at its Tunu helium-geothermal project in East Greenland.

The AIM-traded firm said the study would evaluate both helium extraction and geothermal energy potential at Tunu, following recent passive seismic survey results that revealed previously unrecognised subsurface anomalies consistent with geothermal reservoirs.

It said the dual-resource evaluation would be led by Sproule-ERCE's geothermal team, which had supported more than 200 megawatts of geothermal heat capacity and completed over 40 feasibility studies globally.

The study was expected to conclude by the end of August, and would provide Pulsar with the technical and economic foundation to guide future project decisions.

Pulsar said the study aimed to de-risk the project and unlock its combined helium and clean energy potential.

"We are delighted to partner with Sproule-ERCE, whose deep expertise and global track record in geothermal and resource consulting is second to none," said Thomas Abraham-James, president and CEO of Pulsar.

"The Tunu project is a unique opportunity, combining primary helium and geothermal energy potential in a highly strategic location.

"This pre-feasibility study could be a crucial step in unlocking additional value for our shareholders and support Europe's critical raw materials and clean energy ambitions."

Located near Ittoqqortoormiit on Greenland's east coast, the Tunu project features helium concentrations of up to 0.8% in hot spring samples and estimated reservoir temperatures between 80 and 110 degrees Celsius - suitable for potential cogeneration of power and heat.

The gas composition is primarily nitrogen and helium, with no hydrocarbons, distinguishing it from many global helium deposits.

Pulsar said the project was backed by its exclusive exploration rights under special mineral exploration licence 2021-45 and a non-exclusive prospecting licence.

A new exclusive exploration licence application covering the Kap Tobin prospect had reached 'licence pending' status, with formal confirmation expected shortly.

Once approved, it would extend the project's tenure for an initial five years, with potential to extend up to 22 years.

At 1224 BST, shares in Pulsar Helium were down 2.87% at 26.23p.

Reporting by Josh White for Sharecast.com.