Member Info for BuildersBum3

Missed this first time round....

Demob of rig is expected once JS5 drill string is recovered, with comments of a successfull co.pletion in the JS7 RNS... However I also saw this when re-reading.:

Seismic data processing complete: Processing of the 2D active seismic data acquired in February 2026 has been completed by Earth Signal (Calgary). The dataset has been confirmed to be of good quality and will now be interpreted by Chief Geologist Professor Nick Schofield, with results expected to enhance the Company's structural understanding of the Topaz system and inform future appraisal targeting.

NOTE: INFORM FUTURE APPRAISAL TARGETING.

So is that just a slip or is that confirmation that they still don't understand whats going on and will need further appraisal after flow testing???

Would welcome an open Q&A session with the company to dig out some of this and fill in the unknowns..

BB3

Personally I'd take £1.40 today, but only because I can realise personal dreams tomorrow because of it...

Give it 2 years and I will want over £3 to vote in favour on any takeover offer.

BB3

Thankfully I didnt sell any this time.

Been trading the 74.5/70 range for some time with a chunk of my holding, picking up an extra 20k odd shares each time over the last 2 months..

Very glad I didnt decide to do it again.

All loaded up now until the next range is found.

I remember some resistance way back when at 92p but im not sure this has legs to get that far on this push.

Anyone care to propose next resistance levels this might head to after backtesting 75p in the coming days.?

BB3

Also in terms of are the wells wet or dry..

Js1 and 2 are dry as have been flowtested and confirmed as dry gas... but these wells are on a different pressure regime from 3,4,5,6,&7 which are all on a hydrostatic gradient.

Psi of well / ft depth of well at point of pressure reading = 0.44 - 0.45 which is the same as if you took the pressure reading from within the sea or just a deep lake (slightly different for salt and freshwater).. plot them on a graph and you will see a straight line between them all... this means one of two things... its pressure comes from a water aquifer deeper down or the pressure reading was taken within the water saturated well.. one is good the other isnt. And I'm not sure how they could tell which during drilling of these newer wells... They are using water based drilling mud and gas bubbling out of the water filled wells, or dry wells, will both show gas encountered at surface as the pressure change between the bottom and top of well once pierced/ opened would force gas out of the top (like a coke bottle being opened for exolved gas or a relatively flatish tyre valve when depressed for dry gas )..

Im guessing wireline logs should show if the fracture is water filled or not? .. i don't know this and rpoodle may be able to answer it.. but a flow test surely will.

BB3

Gas exolved in water isnt nessesarily a bad thing.. as it is the conduit between the deep mantle/crust (I dont know the geology term) and the fractures, thus transporting the helium from deeper to the fractures...and if it is a basement fracture system one can assume a fair bit of replenishment of gasses whist under extraction... problem comes in when the water is closer to surface (shallow gas/water contact).. the problem here would be there is only so much gas water can hold and it cant be compressed (layman's terms) in comparison to a dry fracture which would be 'only gas' and under compression the deeper it goes (again, only my understanding and layman's terms).

He1 .. that shat show was down to not enough funds, buying a rig that then broke and had to dilute again and again and again to get it up and running only to prove a wet well with exolved helium in water... = higher processing costs, less resource and more money needed... they then raised funds to farm in to a near production US opportunity through bluestar to provide some helium Production whilst they waited for African mining paperwork and approvals... so yes. Hyped to the heavens and then reality of the costs, timeline, and location all set in at the same time as needing to raise funds... not a good ride for get rich quick shareholders.

Pulsar is very different.. US, havent decided to buy their own rig, and have a much higher helium grade as well as he3, many less shares in issue, tightly held by management and institutions etc.. and so far a great runway of drills .. that said they are actually exploring a very similar play... a failed rift via basement fractures allowing easy access, migration and trapping of helium from deep within the earth where it was made (another geology story that others are far better qualified than me to detail).

As ive said.. I have high hopes for pulsar, but that is what it is, high hopes.. not nailed on by any means...

I'm not bashing the stock as I own a chunk bigger than most people's entire pension pots, however If its good then its going to be great and that's why I hold it... I dont think there are many scenarios where this can be a good win (other than now whilst the price is 3x what it was 6 months ago).. This is either going to be great or just ok in my view.

BB3

Yea, I've seen it.

Overall my biggest concern is that the dots aren't adding up as much as I would like.. and the hard data/info being provided just isn't enough for me to tick them off mentally.

I had concerns about the hydrostatic pressure gradient in all 4,5,6, &7 wells which could mean they are water wet and the gas is just coming out of the water (think coke bottle gas when you remove a cap) being released from the water.... Company referring to dry gas, but this is JS1&2 which are on a different pressure gradient, so likely separated from the others.. However this may not be an issue at all if it is fed from basement fractures (which is the company understanding, but unproven) as this could mean the water is way down and the fractures cover many many miles and thus it is a regional deposit with a great aquifer as pressure support.

Point is I Just don't know and it is down to the flow tests..

Zero igneous rock porosity is not an issue for me as its already been stated multiple times that that is the case and they are going after a fracture system. If its all connected deep down and has good pressure support and the aquifer (gas/water contact) still hasn't been found at 5000ft, then this is GAME ON! for large production and reserves.... but I just can't be certain as there is lack of info at present and more questions than answers.. but it is certainly one I'm hoping will come good.

BB3

So only a 5 well appraisal campaign in the end?

Have we saved a bunch of cash because we have all the info we need from half the expected holes? or are they stopping for another reason?

Wireline complete but no info released to market?

New seat on the board is the CEO of their biggest institutional investor (and banker). This could be good for connections, but surely already had access through the Bancorp investment, so why now? why him? and why did TA just sell a massive chunk of personal shares at a huge discount to Bancorp? forced to, just being nice, or to get the banker onto the Board??

All the company talk is of speeding things up, but the reality on the ground is one that has been going slower. Could the wireline logging for all wells not have already been done by now? JS3,4,5,&6 have been in the rear view for a while now.. why were they not ON IT at the earliest?

Supposedly had enough cash to do the larger delineation campaign, flow test and CPR report, but then went back to the market for a much bigger chunk whilst claiming these same costs as reasoning for the placing.. but the delineation campaign just got cut short. All other spend on land/leases has been with paper shares, whilst picking up a lot of warrant cash.?

Delays to the flow testing are also an annoyance...

Poor Coms, not enough detailed well information being released, changes of technical strategy without explanation, large fundraisings with reduced drilling activity, purchases of land/leases from connected parties, The CEO of your largest institutional investor demanding / being given a seat on the board and being given an odd leg up on their investment..

Lastly, if everything was great, this He4 explorer, based in the US, with a confirmed He3 resource should be absolutely flying SP wise over the last 2 weeks... but the market has not played ball, is that due to selling~? because demand should be through the roof on a little explorer with a possible He4 find of the century on its hands.

It could very much still be pointing towards a wonderful discovery, but it could also be positioning for unexpectedly bad news..

I can't work out which it is, so have been selling down my stake over the last week to now 50% of what I had (which is still huge stake)..

With that said, I fully believe this find is commercial and have every hope it is a massive find, but I have taken some risk off the table until the picture becomes clearer.

BB3

2107ft on the 3rd March (rns on the morning of the 4th)

its been 10 days since then @ an average of 130ft per day puts us at 3400, which is a good few days past the targeted 3000td.

JS7 RNS's have made a point of noting that the well design allows for extension to 5000ft, so one would assume they are pushing on in this location.

IF they go the whole 5000 then we are looking at around the 26th/27th March for completion news, possibly further gas reports or other info as and when during that period.

I'm not sure if they can tell when, or if, they hit Gas/Water contact in these wells, as the pressure gradient is hydrostatic (meaning they are either water wet wells or pressured from a basement aquifer). So a bhp pressure change on contact i'm assuming wouldn't happen/be visible.

Flow tests are going to be very interesting.

BB3

Rise looks to be sector wide rather than pulsar specific... very surprised it took this long for the markets to wake up to helium supply issues.

Bb3

One thing is for sure.. our first extended flow test results will be hitting the market at just the right time.. and will likely have plenty of eyeballs which no doubt will have an impact on the SP, and maybe as you say open the door to "talks"

BB3

Would be even better if we were a further 12 months down the road on development here but we are not..

I'd imagine extra SP support and interest because of the ME conflict, but as we are not likely to produce for another 18 months I don't see a huge tailwind incoming..

If the ME issues are not resolved / calmed within 6 months then yes.. we will likely be the the next best thing to sliced bread.

BB3

GLR..

Helium is predominantly bought and sold via long term take or pay contracts due to the nature of how its produced, which is alongside a carrier gas as a very small fraction and isnt the main economic driver. Storage is also an issue and another reason for take or pay setups, as it likes to escape. These 2 main reasons allong with its relative scarcity mean there is very little in terms of a spot market / trading going on in this sector.

The best and most recent yard sticks would be a 3 year supply contract for NASA which was signed at a wrapping 700usd per mcf totalling over 100million usd..

Here at pulsar, they aim to disrupt that market by offering the ability for end users to buy what the want, when they want it.. I.e. produced to demand as He4 will be the primary financial driver in ther extraction... no buyers = no extraction, just turn the taps on to fulfill orders.

........ great step out result by the way.....

BB3 .. where will JS8 be located? .. im enjoying this.

FYI.....

Primary source (University Bancorp filing)

From University Bancorp’s 2024 Net Income press release:

“We believe that the helium in their reserves probably has a value between $1 billion and $5 billion.” � ACCESS Newswire

That statement refers specifically to Pulsar Helium’s helium reserves, not the whole company.

Same claim repeated in later filing

University Bancorp reiterated a similar internal estimate in its Q3 2025 results:

“The estimated range for Helium-4 in its reservoir is in our opinion probably $1 billion to $5 billion.”

Key context (important)

This is University Bancorp’s internal opinion, not an independent reserve valuation.

It refers only to gross resource value, not discounted cash flow or proven reserves.

BB3

0.4bcf is based off of 1/2 a drill depth of JS1 with an unproven geological and field model.

We are now x 5.5 wells further along the road, with a view to proving the lateral and depth assumptions of the deposit, its connectivity, grade and flow over the entire deposit.. this will remove large discounting factors that would have been in play withing the first p50 resource number you highlight.

Also.. nasa just signed a large, multi year, US based, HE4 supply deal accross 3 major gas suppliers at 700usd per mcf.. so probably better to use that as a yardstick, as its likely far more accurate and relavant to todays HE4 market than wherever you have picked up 500usd per mcf from.

I'm expecting the new p10 and p90 range to be much closer with a p50 significantly higher at the next resource report.. thus showing the curent market cap to be a fraction of the expected HE4 resource value. This is what Bancorp (largest corporate shareholder) is expecting, having stated it's own internal estimation of PLSR reserves (look back at previous threads or at bancorp's own financial filings for further info).

BB3... less than 6 months for everything to be known, priced and displayed to the world... Roll on JS7.

Having sold a bunch at 102 I annoyingly topped up a load yesterday around 97.. patting myself on the back for a smart trade. Low and behold if I had just waited 24 more hours I could have timed it perfectly..

However, have made further big buys this morning (also reported as unknown) so not that upset.

Roll on JS7 and the 2.2 mile step out.

At 700usd per mcf, we look very well positioned to capitalise on this market space with long lead production items already being commissioned..

Targeting £2.50 per share within 12 months.

BB3

So for a read across...

2.9m litres of liquid + 90m cubic feet of gaseous helium = around 150m cubic ft.

$105m / 150m cft = $0.7 per cubic ft x 1000 =

$700 per mcf paid for the NASA supply contract.

Very good yard stick moving forward. To value our production and reserves once known.

BB3

Lost a packet in He1 back when the ended up with rig issues many moons ago and vowed I'd never go back there.. terrible choices made by the BOD wiped out their shareholders.. still sitting on the board as well.

Huge dilution based off of awful decision-making.. been thrown a lifeline through their 50% farm in to the US.

I'd look very closely at their finances if I were you. I think they are out of money and just about to start spending big in Africa again... I'd be worried that the SP has been let loose in order to forward sell a fundraising.

Just my opinion, but be careful.

BB3

Anyone wondered why University Bank Mishigan have a big stake in pulsar, and why they have already offered some development financing...?

University Bancorp’s stated valuation view

From its official filings / earnings releases:

University Bancorp owns ~4.9–5% of Pulsar Helium. �

They believe Pulsar’s helium reserves alone are worth about $1 billion to $5 billion.

Later commentary from the company expanded the broader valuation:

Estimated overall company value: ~$600 million to $3 billion.

What that implies for University Bancorp’s stake

If they own ~5%:

Low-end implied stake value:

~5% of $600m ≈ $30m

High-end implied stake value:

~5% of $3bn ≈ $150m

So based on their own valuation framework, University Bancorp is implicitly treating its Pulsar investment as being worth roughly:

≈ $30 million to $150 million (internal value range)

(This is not a formal mark-to-market valuation — it’s derived from their stated company value range.)

Important nuance

Their balance-sheet mark can be much lower because accounting often uses market price, not internal asset valuation.

Their multi-billion valuation is forward-looking and speculative, tied to helium resource potential and successful production.

Primary source (University Bancorp filing)

From University Bancorp’s 2024 Net Income press release:

“We believe that the helium in their reserves probably has a value between $1 billion and $5 billion.” � ACCESS Newswire

That statement refers specifically to Pulsar Helium’s helium reserves, not the whole company.

Same claim repeated in later filing

University Bancorp reiterated a similar internal estimate in its Q3 2025 results:

“The estimated range for Helium-4 in its reservoir is in our opinion probably $1 billion to $5 billion.”

Key context (important)

This is University Bancorp’s internal opinion, not an independent reserve valuation.

It refers only to gross resource value, not discounted cash flow or proven reserves.

The company itself had a market cap around ~$96m at the time, far below the theoretical resource value.

BB3 - Sell at your own Risk!

Apologies Metis.. 🤦‍♂️ you are right.. not sure why I just compared bottom hole pressure and not accounted for depth🤦‍♂️

And there it is.. Monday RNS..

Good news it's still a 100% strike rate (expected but still good)..

Psi is down somewhat in comparison to 3,4,&5 but not complaining..

Bno mention of what depth they are at curently and still no definitive td depth, so a bit of guess work as to when the completion and move RNS will be... maybe 7-10 days?

Lastly.. no location details for JS7... I'm personally hoping for a step out West next, as this is the direction of our new acreage and im keen to see how far we choose to test from js1, and the psi encountered.

Bb3... consolidation at the yearly high before a push higher again?