Pulsar Helium (AIM:PLSR), the primary helium company, said it has materially strengthened its Topaz position in Minnesota after concluding site operations that drilled seven successful Jetstream exploration wells and acquiring contiguous surface rights over 1,360 acres across 34 tracts.
Keewaydin Resources, Pulsar's operating subsidiary, now holds approximately 690 net mineral acres in fee simple and approximately 4,941 net mineral acres under gas leases, of which roughly 2,849 net acres carry a 3% gross sales royalty and the balance carries a 20% royalty.
"We head into our production-ready well drilling campaign with real momentum, strong technical foundations, and a project that we believe has the potential to be a transformative U.S. primary helium project," said Thomas Abraham-James, CEO.
Planning is underway to drill between two and four production-ready wells that will twin the most successful Jetstream exploration wells and complement Jetstream #1 and #2, both already designated production-ready.
The company said it has decided not to conduct extended flow testing on Jetstream #3–#7 because those wells were designed for data gathering and not permitted for conversion to production, and because newly enacted Minnesota helium legislation made preserving the resource preferable to venting during the legislative process.
Drilling results, wireline logging, reservoir modelling, higher-than-anticipated down-hole pressures and a completed 2D seismic survey are being integrated into a comprehensive geological model to inform well targeting.
Pulsar said the next material milestone is advancing the production-ready well programme into execution.
