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Just a hunch, and I may be miles off. They use the word “proposed” before mentioning the flow testing, and prior to the campaign, I don’t recall them mentioning flow testing as a feature of this appraisal campaign. Ten wells was always ambitious with the monies they have (even with the welcome additional funds from the warrants exercise), but adding in a flow test will stretch things even morea—and remember they still need to clean up jetstream 2. I’m wondering if the pressures were so impressive in jetstream 3 that they decided to do the flow test.

All of this is conjecture I would add: they may have sufficient funds, well tests were always planned, etc….

Bought a few more extra myself. Plenty of risk currently, as we await test results from the ongoing program (and my hunch is that the flow test for jetstream 3 is not fully funded at this time), but I’m personally bullish about the newsflow to come.

Absolutely agree BB3.

The idea that an investor would sell over 8m shares for over £3M (most of which was profit) and then reinvest virtually the entirety into the company does not exactly betray a lack of confidence. If they lacked confidence, they would have just kept the sales proceeds. The sale of the 200,000 shares is unclear, but plausible it was connected to the costs associated with this:

“ The Disposition by ABCapital was managed solely by the Issuer's UK Corporate Broker OAK Securities and for UK investors, executed through OAK StockbrokerS”.

Separately, if you believe in the fortunes of the company, you’d always assume the warrants will be taken up (as it would only occur if the price had risen markedly from the initial fund-raise). As such, whenever I calculate total shares of a company, I include the warrants (and options too).

An exceptional result would not be entirely unexpected. One thing that is rarely remarked upon is that the two wells drilled thus far were not sited at an optimal location—instead, they were deliberately designed to be proximate to the accidental helium discovery well in 2011. In all likelihood, there are probably better (and maybe much better) looking locations on the seismic, which it would be hoped would yield bigger fractures and more pay—and in turn higher pressures. Let’s see, but, either way, a very promising start to the appraisal campaign

Hi BB. According to the notice sent out in Canada yesterday, “ABCapital, on behalf of fully managed accounts, intends to use a portion of the proceeds received from the Disposition to exercise 15,500,000 Warrants of the Issuer (the "Warrant Exercise") over which it has control and direction over.” So it’s at least ABC’s stated intention to use the funds for purchasing the 15.5m warrants. I’m guessing AIM (which is a little stricter in its reporting standards than the TSX) was not willing to include this “intention” in the announcement. If the warrant transaction goes through, though, then I’m strongly assuming it will be reported (and Pulsar will have another £3m in the bank).

I know I’m a contrarian on all this, but I consider this news to be a big positive (in part perhaps because I always include warrants in my personal calculations for shares in issue).

To expand on my earlier message, I’d strongly contend that—assuming the early warning yesterday is correct and AB Crescent takes up its 15.5m warrants—this is NOT a director share sale, but instead a flip. Almost all the cash raised (c.95%) from selling Pulsar shares will be reinvested in Pulsar warrants. AB Crescent didn’t sell these shares to raise funds, nor do they have a history of that. In fact, reassuringly, if ABC does indeed buy the 15.5m warrants, that is their entire entitlement—so a repeat of this transaction is not possible (at least until Pulsar does a future fund-raising). I get it that whoever bought those 8m+ shares off ABC for 38p per share might now seek to profit on it, but, to reiterate, the notion that what just occurred is a director share sale and shows a lack of confidence is, in my eyes, well wide of the mark.

I believe the market has interpreted this all wrong. Today’s shareholder announcement simply mentioned AB Crescent’s share sale (and a theoretical total shareholding for AB Crescent if it did exercise its warrants). The early warning yesterday, however, made clear that AB Crescent are looking to use most of the raised funds to buy out their 15.5 million warrants—which would raise around US$4m and finance the company not only for extra wells, but hopefully for a clean-out and flow test on jetstream 2. To me AB Crescent are simply opportunistically looking to massively ramp up their holding for zero cost. If anything, it’s a vote of confidence in the company and, assuming the warrant purchase does go ahead, it dispels much of the near-term concerns over Pulsar’s cash situation. I’d hope for an upward correction if/when those warrant purchases go through….

Love it how it’s described as a warning, but it’s arguably more phenomenal news. If they do exercise those warrants, Puksar a

Funny how they call it an “early warning”, when it’s arguably phenomenal news. If ABCrescent do exercise those warrants, Pulsar’s cash situation will be transformed

Normally I’m not a big fan of acquisitions—the vast majority in my experience harm shareholder value. But this one is so low-cost ($80,000, in shares—they have actually raised far more than that in recent weeks just via options and warrants being exercised), it feels akin to a free hit. At some point they will need a big uplift in capital, though, to, at the minimum, do some seismic on the new acreage they’re in the process of acquiring.

It’s hard to tell for sure from the video, but it seems that pulsar 3 is right next to one and two? Hopefully not…..

Yeah. Given that this is a takeover, essentially shareholders in CEG have been completely ignored. Very poor from management; I’ll be voting against the plan.

I fear someone got in before you, BB! Very late share price spike over in the US/Canada…..

Thanks BB. As I was lamenting earlier, the lack of detail from the company regarding this upcoming well (and indeed the whole upcoming drilling campaign) is disconcerting. There’s frankly a ton of unknowns, just out of reach. For example, this seismic announcement of last year:

https://pulsarhelium.com/investors/news/news-details/2024/Pulsar-Announces-Positive-Seismic-Interpretation-That-Increases-the-Potential-Opportunities-of-the-Topaz-Helium-Project/default.aspx

It mentions the seismic interval intercepted by the Jetstream 1 well extends 2km to the east, and 1.5km to the west. But since then they’ve deepened the jetstream 1 well (substantially), so how does that correlate (if at all) with the “other reflective packages [that] are visible in the processed seismic suggesting additional fracture zones”? What is the potential here? Clearly this drilling campaign is designed to assist in answering that question, but surely they have more than they’re telling us? Maybe they’re staying quiet while they await news on the award of land that they’ve bid for from the state regulator?

I’m struggling to get my head around this. I felt Pulsar was the best bet in the helium explorers space for some time, but the extraordinary jump in price (and on high volumes) seems bizarre. I long had a suspicion that they may have something up their sleeve cash-wise—reflecting the fact that they are still talking about drilling “up to” ten wells, oh, and are also planning to clear out jetstream 2 as well, yet they only raised an entirely inadequate £3.72m. But without actual news, I’m scratching my head. I’d love to hear other people’s views….

Good to see an update, but drilling was supposed to have begun in late September (although that’s a minor detail, and delays are common to be fair), and, far more importantly, there’s no detail about location. This company really needs to step up its RNS game. It spends a fortune on pointless marketing videos, but can’t provide the basics about a well’s location in a regulatory announcement.

Pulsar going great guns on the OTQCB in the US this morning (Canadian markets closed today).

At the end of their Helium 3 announcement, they said early October:

Meanwhile, a multi-well drilling campaign at Topaz is set to commence in early October 2025 to expand the Company's understanding of the helium reservoir and advance Pulsar's strategy to become a leading helium producer in response to growing global demand.

I’d not expect news Monday, given that it’s a holiday in Canada (and the US)

Sintana off the floor this morning

Ouch