Pulsar Helium begins drilling to deepen "key" well at Topaz project

(Alliance News) - Pulsar Helium Inc on Monday said it has started drilling operations to deepen the Jetstream #1 appraisal well at its flagship and fully-owned Topaz project in Minnesota.

The helium project development company said drilling commenced on January 2 and aims to extend the well by at least 1,640 feet to a total depth of 3,840 feet. Completion is expected later this week, followed by detailed downhole testing.

The operation marks a "crucial phase" in Pulsar's development strategy. Earlier drilling at Jetstream #1 in February 2024 identified helium concentrations of up to 15%, significantly exceeding the "widely accepted" economic threshold of 0.3%, along with CO2 levels above 70%. The company said that the current work seeks to explore the full height of the helium reservoir, which is believed to extend significantly beyond the depth reached in the previous drilling.

Chief Executive Officer Thomas Abraham-James said: "Deepening of the Jetstream #1 well has commenced and is progressing extremely well. The assessment of the full height of the previously discovered high helium concentration reservoir is a key stage in progressing Topaz."

Upon completion of the drilling, Pulsar plans to immediately begin open-hole wireline logging, with flow testing scheduled after well pressure stabilizes. Preparations are also underway for the Jetstream #2 step-out well, with conductor installation expected by January 8.

Shares in Pulsar were up 5.1% at 31.00 pence each in London on Monday morning.

By Eva Castanedo, Alliance News reporter

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