Pulsar Helium issues quarterly results, as progress at Topaz continues
Pulsar Helium () closed out the quarter to 31 December 2024 with US$3.8 million in cash.
The company booked a loss of just over US$3.75 million for the period, which had included initial listing and a £5 million fundraise.
Further money was raised at the end of the year, and US$2 million of that new money is now in.
Subsequently, Pulsar undertook a deepening operation at the Jetstream #1 appraisal well at its Topaz project in Minnesota.
This reached target depth of 5,100 feet on January 11, 2025. Initial data supports the company's geological model. Multiple helium zones were encountered throughout the deepening operation from 2,200 feet to 5,100 feet.
During the drilling, mud log gas levels containing up to 7.24% helium were encountered. These are likely to be contaminated by air and therefore it is expected uncontaminated samples, once collected, will report a higher and truer helium concentration.
Once the deepening at Jetstream #1 was complete, Pulsar drilled the Jetstream #2 appraisal well, reaching total depth of 5,638 feet on February 1, 2025. Mud log data reported helium levels up to 3.5%, which again was contaminated with air and uncontaminated samples.
"We are delighted to have completed the successful deepening of Jetstream #1 and the spudding and completion of Jetstream #2 early this year,” said Thomas Abraham-James, chief executive of Pulsar.
“We look forward to completing the additional down-hole data gathering and pressure build-up monitoring planned for March 2025. All these data will provide information for the next iteration of resource estimating, production modelling, and further appraisal well planning.”
View from Vox
Solid progress to date from Pulsar, which is helping make London the go-to market for helium exploration. Further results from the recent drilling work should start to build a detailed picture of just how economic Topaz really could be. But already the project has been described as “the most significant recent helium discovery in North America,”
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