Pulsar Helium commences new round of drilling at Topaz in Minnesota
Pulsar plans to deepen the Jetstream #1 appraisal well by a minimum of 1,640 feet (500 metres), to a total depth of no less than 3,840 feet (1,170 metres).
The work is anticipated to be completed later this week. Upon completion, a series of downhole tools will be used to gather data on the well characteristics.
Open-hole wireline logging will commence immediately upon the completion of drilling. Flow testing will occur at a later time when the well pressure has stabilised.
Meanwhile, the drill pad for the step out well, Jetstream #2, is complete, and the conductor rig is scheduled to install the conductor by the end of January 8th.
"Deepening of the Jetstream #1 well has commenced and is progressing extremely well,” said Thomas Abraham-James, chief executive Pulsar.
“The assessment of the full height of the previously discovered high helium concentration reservoir is a key stage in progressing Topaz. Previous drill data obtained in February 2024 indicated that we only reached the top of the reservoir and that it may extend for a further 1,640 feet. Immediately upon completion we will run down-hole tools, and I look forward to keeping the market updated with our progress."
The Jetstream #1 appraisal well previously reached total depth of 2,200 feet (671 metres) on February 27th, 2024, identifying top-tier helium concentrations of up to 14.5%, well above the 0.3% widely accepted economic threshold, and carbon dioxide concentrations exceeding 70% - with the latter expected to further contribute to the project economics.
View from Vox
It’s good to see Pulsar pushing ahead with work at Topaz. The economic opportunities here are significant, and progress and results so far have been encouraging. The deepening of Jetstream #1 is a pivotal step in advancing Pulsar's strategy to address the increasing global demand for helium, and represents a further step towards production. Normally the market likes a drilling story, so we could see some price action in the coming days. The shares are currently trading slightly higher than their October listing price, and there’s lots of potential for further upticks.
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