Pulsar Helium (TSX.V: PLSR, WKN: A3EP2C) continues its success story at the Topaz Helium Project in Minnesota, USA, as the current exploration well Jetstream #7 has once again successfully intersected a new gas occurrence. The new gas zone was encountered at a depth of 642 meters and, according to initial measurements, shows a preliminary downhole pressure of approximately 953 pounds per square inch (psi).
Pulsar Helium is currently in the fortunate position of being able to present itself as the great exception in the exploration sector, because regardless of whether oil and gas, gold, or metals are being sought, geological exploration drilling remains a high-risk business. Although drilling locations are selected with the utmost care, this prudence does not protect companies from occasionally drilling a dry hole.
Dry holes are not popular in any company, but they are part of the business. In the oil and gas sector, for example, development wells in known fields are expected to have a success rate of 80 to 95 percent. On unknown projects, the probability of success for initial wells, known as wildcats, drops to only ten to 20 percent.
Pulsar Helium Maintains Its 100% Success Rate
Pulsar Helium, despite now having its seventh development well underway, can still boast a 100% success rate. This is impressive and by no means a given. At the same time, it is already becoming clear that the company has a good chance of completing its development drilling program within the industry-standard range, likely landing at the upper end of comparative values.
As with previous wells, a visible gas flow was observed during ongoing drilling operations at Jetstream #7 when the target zone was intersected. This visual finding indicates the presence of a highly pressurized system. However, unlike previous wells, this system appears to be at a greater depth.
The Measured Downhole Pressure of 953 psi Indicates Strength and Continuity
The higher downhole pressure in Jetstream #7 compared to other Jetstream wells indicates that Jetstream #7 has reached an active and laterally extensive gas-bearing system. Current plans envision Jetstream #7 being drilled to a final depth of 914 meters, with the possibility of deepening the well to approximately 1,524 meters in the future, depending on geological conditions and results.
The Jetstream drilling program continues to be a great success, as Pulsar Helium has not only intersected at least one gas discovery in every well to date, but the measured gas pressures are also encouraging. With a gas pressure of 953 psi, Jetstream #7 joins the top group of wells drilled on Topaz so far. This is further evidence that the Topaz helium system possesses appealing strength and continuity.
