Pulsar Helium's shares rose 6.4% to 1.49 after Minnesota signed a new helium-specific permitting law on 26 May.
The new statute confines helium-targeted gas development to Cook, Lake and St. Louis Counties, prohibits oil wells and hydraulic fracturing for such projects, and preserves the ability to sell carbon dioxide recovered in the ordinary course of helium extraction.
"Today is a landmark day for Pulsar and for helium development in Minnesota; the Governor's signature creates a defined, helium-specific pathway toward production at Topaz," Cliff Cain, President of Pulsar, said.
Pulsar noted it is now seeking quotes to drill up to four production wells to supplement two existing production-ready wells.
The legislative progress comes amid a tightened global helium market following disruptions to the Strait of Hormuz, attacks on QatarEnergy's Ras Laffan facilities and new Russian export controls, with some US customers already facing allocation and surcharge measures.
Before commercial production can proceed, Minnesota must complete rulemaking, environmental review and permitting.
The Department of Natural Resources issued proposed expedited rules on 18 May, and Pulsar has an LOI with Chart Industries for FEED on an integrated CO2 capture and helium liquefaction facility with a planned LNTP payment to secure engineering.
