Pulsar Helium (AIM/TSXV: PLSR; WKN: A3EP2C) reports further progress from its appraisal drill program at its Topaz helium project in Minnesota. The Company has successfully drilled Jetstream #3 to a total depth of 3,507 feet (1,069 m), intersecting the entire interval interpreted to be helium-bearing, with initial measurements indicating strong formation pressure.
Subsequently, the rig has been moved to Jetstream #4, where drilling commenced on November 9, 2025. The ongoing field program comprises up to ten wells and aims to determine the geometry, extent, and productivity of the helium-bearing reservoir, update the Topaz resource, and submit a Preliminary Economic Assessment (PEA) in the first half of 2026.
Pulsar Helium: Jetstream #3 reaches target depth – pressure data supports reservoir model
According to Pulsar Helium, several gas-bearing, high-pressure zones were encountered across the Jetstream #3 drill profile. The calculated bottom hole pressure is a strong 960 psi. For comparison, Jetstream #1 and Jetstream #2 had wellhead pressures of 185 psi and 205 psi, respectively, during previous campaigns. The metrics, while not directly comparable (bottom hole versus wellhead pressure), but in the Company’s view, they underscore the natural pressure build-up in the reservoir at the Jetstream #3 location.
The well fully intersected the gabbroic/mafic host rock, where Pulsar Helium models the primary helium occurrence. Jetstream #3 thus provides additional data points on stratification, fracture geometry, and potential contact zones, which are relevant for subsequent production tests and the assessment of the well’s deliverability.
Test Program and Jetstream #4: Next Steps at the Topaz Project
In the coming days, Jetstream #3 will undergo open-hole wireline logging. The plan is to use a package of geological and petrophysical logs, supplemented by an optical televiewer that provides high-resolution imaging of the drill hole wall. The program will then proceed with a controlled production test and pressure build-up measurements to quantify permeability, effective pore volume, and flow potential.
Pulsar Helium plans to drill up to ten wells as part of the current campaign to better delineate the spatial extent, vertical spacing, and productivity zones. The targets are to update the resource estimate and complete the PEA in the first half of 2026, which will consolidate the technical and economic key data of the project.
Helium, market environment, and significance for North America
Helium is a strategic raw material for medical technology (MRI cooling), semiconductor manufacturing, research, and space travel. The element is chemically inert, and can only be extracted in economically viable concentrations from a few geological systems. Primary helium deposits, such as those addressed by Pulsar Helium in the Topaz project, are rare in the global supply mix; helium is often a by-product of natural gas fields. In recent years, supply shifts and maintenance of large facilities have repeatedly led to bottlenecks and price fluctuations.
Against this backdrop, Pulsar Helium is positioning Topaz as a potential new source of helium for the North American market. The field program is designed to provide a reliable description of reservoir geometry and long-term production behaviour – to ensure the company is well positioned before moving into a production scenario. Having determined favourable initial pressure conditions, this week’s testing of Jetstream #3 should help confirm the well’s production potential and futher delineate the reservoir’s overall size and scale.
Outlook: Expanding datasets and operation knowledge
With the completion of Jetstream #3 and the start of drilling Jetstream #4, Pulsar Helium is gradually expanding the data basis for the Topaz model. The upcoming wireline results and flow tests will provide information about rock properties and flow behaviour. Together with the existing Jetstream series wells, they will serve as input for the resource update and preliminary economic assessment (PEA), which is scheduled for the first half of 2026.
The overall goal remains to create a robust basis for decisions on the project path – from further testing and approval processes to possible development steps.
