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Feels vaguely bullish. The statement from Pulsar’s new deputy chair does seem to emphasize speed: “I believe that assisting Pulsar to complete the exploration program at its Topaz Project to quantify the size of the discovery and preparations for potential development of the Topaz Project into production as quickly as possible is now a national economic and national security imperative. Because of this, I have decided to add my effort to advise Pulsar's very qualified team of experts to try to accelerate their work."

Sorry; the posting went a little awry there (tricky on a phone):

Here’s the video. There’s lots more….

https://m.youtube.com/watch?v=C4nZu2_wo_c&pp=ygUNcHVsc2FyIGhlbGl1bQ%3D%3D

Below is a video from december. I’d highly recommend. It reveals far more than anything disclosed so far (some positive; some negative)

Some notes from me below:

- Pulsar have spoken to Space X

- working with depart of energy and NASA on helium 3

- geology is no porosity but highly fractured

- JS-1 was under-pressured. JS 3, 4 and 5 surprised them by being, if anything, over-pressured

- drilling has been more efficient than expected

- regulatory situation is “extremely challenging” (nicest way he could put it)

- initial set of regulations from Minnesota even more onerous than the BLM

- getting stuff through the governors office will be a big challenge [my note: it seems they made progress, as Governor Waltz subsequent to this pushed for faster permitting]

- leasing terms have sat on Governor Waltz’s desk for months

- there was decline in JS-1, but nothing major

- JS-2 was damaged but the issue may be the “orientation of the fracture”. It did not perform as hoped

- JS 3,4 and 5 all flowed

- none of the wells “were talking to each other” [which is a challenge]. He mentions that will be confirmed during later flow testing.

- processing much easier than if dealing with associated gas (I.e. methane)

- JS-1 flow rate was climbing when they finished [which seems to contradict what he says earlier]

- wells are “completely dry”.

- they really need 3-D seismic, but permitting could take years

- they’re basically drilling blind right now

-they are in a contiguous reservoir, but a “busted up” contiguous reservoir

- they are drilling with this well as long as they can, as they are not sure when they will get a replacement

JS 3,4 and 5 all flowed

- none of the wells “we're talking to each other” [which is a challenge]

- processing much easier than if dealing with associates gas (I.e. methane)

- JS-1 flow rate was climbing when they finished [which seems to contradict what he says earlier]

- wells are “completely dry”.

- they really need 3-D seismic, but permitting could take years

- they’re basically drilling blind right now

-they are in a contiguous reservoir, but a “busted up” contiguous reservoir

- they are drilling with this well as long as they can, as they are not sure when they will get a replacement

Yes, they’re clearly cheap and cheerful exploration wells, although oddly the CEO claimed on a call that they could be retained as production wells (“why not” he remarked—personally, I’m skeptical). Regarding the cash-raise: despite Pulsar’s claims that they were fully funded (which was kinda true, as they had a debt facility—albeit on very onerous terms), I’ve long maintained that they’d need more money. I recall someone vigorously disagreeing with me in this assessment after the last cash raise in August or so, but in my view Pulsar’s eyes were clearly far bigger than their stomachs. Personally, I’m absolutely delighted that they did the cash raise. The share price for the cash raise (80p) is triple where we were six months ago (around 24p). Always worth cashing-up when the sun is shining on the share price….

Yeah, it seems they’re paying less than $1m a well. Which is way, way down from the cost of wells 1 and 2 (they were more in the $3m per well range, IIRC)

I think more like 5% dilution, but we should know for sure tomorrow

It was inevitable they’d need more money. I’m much happier they’re taking this route than relying on the onerous debt facility. No warrants interestingly (other than for the broker). That’s quite a lot they’re setting aside for long lead items too, which is encouraging. Frankly, I know some people might not like this dilution, but raising money at this price is an absolute no brainer in my view—80p is more than triple the share price from six months or so ago.

Https://finance.yahoo.com/news/abcrescent-cooperatief-u-announces-filing-220800978.html

Some new info enclosed (including a map of wells drills thus far).

https://s203.q4cdn.com/212931576/files/doc_presentations/2026/Jan/15/Pulsar_Deck_DEC2025_FINAL-compressed.pdf

On this topic, and after reviewing previous warrant announcements, I count that there’s still maybe 1.2m or so warrants remaining to be converted by January 17.

Thanks. I didn’t include the huge one on November 6. I was more interested in how all these much smaller redemptions have added up to something quite substantial.

Big take up of options announced this morning. Total of CAS$247,500 (US$178,300). These various warrant and stock options are adding up to some very useful amounts. By my reckoning, since the start of October the company has now raised over US$1m from them in aggregate. As a guesstimate (and it’s a complete guess), I’d think that might be equivalent to one exploration well. So meaningful stuff, and all without having to go back the banks, cap in hand….

If I recall correctly, at one point it topped C$1.50. Hard to find decent charts, but ADVFN seems to show it

https://www.advfn.com/stock-market/TSXV/PLSR/chart/streaming

Per well, I’d think, but only for 3, 4 and 5 (so 18 weeks in total). Given timelines, they may also tack on flow testing at 6, if the well is promising

Now also in The Times:

https://www.thetimes.com/business/companies-markets/article/first-falklands-oil-field-could-be-ready-for-drilling-in-2028-w3kqvqsg9

Doesn’t seem to be on the website yet, but you can see it under “Business” at the bottom of the front page

https://x.com/Telegraph/status/1997817654023999663?s=20

Great update this morning. Given the huge amount of ongoing activity (their most ambitious step-out well about to spud, and testing on jetstream 3 and 4 set to commence), the share price feels a bargain at the moment, so I just made a small top-up.

However, I’m not going all in, as I fear a wider stock market collapse at some point, so keeping some cash at hand if/when that moment comes.

One surprising response was that these appraisal wells could be retained and used as production wells. I’d always thought these were cheap and cheerful coring wells, but the CEO noted that they had cased the upper sections, and, although the well bit is narrower than jetstream 1 and 2, IIRC, ended his response by saying “why not”.

Perhaps it’s just about feasible, if the flow test really comes in with some big numbers?

Agreed BB3. It’s hardly an ambitious step-out. Some possible explanation for the location in this article, though:

https://goldinvest.de/en/jetstream-4-delivers-pulsar-helium-further-increases-topaz-potential/

I am aware what the company has said. It’s just that experience has taught me to be cautious about such claims: the amount they have in the bank and available to borrow, and the amount they are looking to do (ten appraisal wells, unblock jetstream 2, more seismic), don’t correlate in my mind. But I’d be delighted to be wrong of course.

New video by the way:

https://m.youtube.com/watch?v=dFzM9oaf-gI&pp=ygUNcHVsc2FyIGhlbGl1bdIHCQkeAaO1ajebQw%3D%3D