Following the successful deepening and subsequent clean-up of its Jetstream #1 well on the Topaz project in Minnesota, USA, Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, FRA: Y3K, OTCQB: PSRHF) has measured a natural flow rate three times higher than in the first successful test in 2024 during an initial flow test of the escaping gas. The gas flows to the surface under its own pressure. On August 15, 2025, Jetstream #1 reached a maximum natural flow rate of ~501 thousand cubic feet per day (~501 Mcf/d) without compression or stimulation, with a 38/64-inch choke and a wellhead pressure (WHP) of ~30 pounds per square inch (psi). No formation water was found; the gas flowed as dry gas. The natural pressure at the wellhead is equivalent to approximately 2.07 bar, which is roughly equivalent to the tire pressure of a car. These latest results represent a significant advance in well performance, as natural flow rates have more than tripled compared to 2024.
In the previous test in April 2024, Jetstream #1 achieved a maximum natural flow rate of ~150 Mcf/d at 34 psi WHP (~821 Mcf/d under wellhead compression) with helium concentrations between 8.7% and 14.5%. The well is now producing more than three times the April 2024 rate under similar pressure conditions.
In addition to this peak result, Jetstream #1 demonstrated stable long-term flow, producing 150 to 300 Mcf/d on smaller choke sizes over a 12- to 18-hour period. These sustained flows showed no significant decline and were followed by rapid pressure recovery, indicating excellent reservoir replenishment capacity.
Topaz’s potential as a world-class source of primary helium confirmed
As Pulsar President and CEO Thomas Abraham-James stated in April 2024, the results confirmed Jetstream #1 as a “significant new helium discovery that positions Topaz among the world’s top primary helium projects.” The latest test program confirms Topaz’s potential as a world-class source of primary helium.
Further results on sustained flow, flow rates under wellhead compression, and complete gas composition analyses are currently being determined. Upon completion of testing, all equipment will be transported to Jetstream #2 to conduct equivalent testing.
Thomas Abraham-James, President and CEO of Pulsar, commented: “The deepening of the Jetstream #1 exploration well to a total depth of 5,100 feet, penetrating the entire interpreted helium-bearing zone, was extremely successful. The well is now producing ~501 thousand cubic feet per day at 30 pounds per square inch WHP, more than triple the peak natural production achieved in 2024. This result validates our reservoir model, significantly reduces the risk of the Topaz project, and confirms the excellent productivity of the reservoir. This is particularly exciting considering that gas analysis for the same well in 2024 showed helium concentrations between 8.7% and 14.5%. We look forward to providing further updates and the results from Jetstream #2 following additional flow testing, including a wellhead compression test, and subsequent gas composition analysis. These results underscore the immense potential of Topaz and signal the beginning of the development of its full potential.”
Compression testing and expected optimization potential
To further evaluate the maximum capacity of the well, Pulsar will commence a compression-assisted flow test. A significant increase in flow rates is expected by reducing the WHP through surface compression. For illustration purposes, the compression applied during the February 2024 test program resulted in a maximum flow rate of ~821 Mcf/d. The current test is designed to validate the full potential of Jetstream #1 and provide important data for the design of the production facility and future development planning.
Flow testing under “natural” conditions and under “compression”
When a well produces under natural conditions, the gas flows to the surface under its own pressure, solely due to the pressure in the reservoir. This is a strong indicator of how much energy the reservoir contains. Compression involves using special surface equipment to reduce the pressure at the wellhead, allowing the gas to escape more easily. This does not change the size of the reservoir, but it does allow for much higher flow rates and provides a clearer picture of the maximum production potential of the well.
About the Topaz Project
The Topaz Project is located in northern Minnesota, where Pulsar is a first mover and holds exclusive leasehold interests. Drilling on the Jetstream #1 exploration well reached a total depth (“TD”) of 5,100 feet (1,555 meters) on January 11, 2025, and successfully penetrated the entire interpreted helium-bearing reservoir and beyond. The Jetstream #1 exploration well had previously reached TD of 2,200 feet (671 meters) on February 27, 2024, and encountered helium concentrations of up to 14.5%, well above the generally accepted economic threshold of 0.3%, and achieved a flow rate of 821,000 cubic feet per day under wellhead compression. The Jetstream #2 exploration well was completed on February 1, 2025, and reached a TD of 5,638 feet (1,718 meters).
Conclusion
Just last week, Pulsar Helium received a conditional financing commitment of $US 12.5 million from University Bank, based in the Ann Arbor Science Center in Michigan, for the construction of its first production facility. The results announced today exceed all expectations and should certainly help to meet the financing conditions set by the bank in the future. As a first mover in Minnesota, the starting conditions for Pulsar Helium were not easy. With the exploration of a primary helium deposit sealed under an impermeable cap rock approximately 500 meters thick, the company has entered completely uncharted territory. The exploration of these deposits in Minnesota cannot therefore be compared to conventional gas exploration, for example in Texas, where thousands of comparative data points already exist. In addition, there is no gas production in Minnesota to date, which means that the relevant regulations must first be rewritten and approved. The resulting delays, even in the seemingly trivial task of cleaning the boreholes, were a heavy burden for Pulsar Helium. In Texas or neighboring Iowa, the necessary drilling mud would have been routine. The technical staff at Pulsar Helium are now all the more pleased with the results. In the coming weeks, the company will be able to provide more information about the exact composition of the gas. The end result will be a new resource estimate from Sproule, which will then certainly take both neighboring production wells into account. Pulsar Helium is on track to establish a completely new industry in Minnesota – with consequences that are still difficult to predict today. It stands to reason that Minnesota could replace Texas as the leading state in terms of helium production. In Texas, the US maintained an (artificial) strategic national reserve of helium for almost 100 years. Minnesota could play this role naturally in the future, as exploration of helium deposits is still in its infancy. This would fit perfectly with the Trump administration’s agenda, which focuses on resilience in strategic raw materials. No rocket launches, no MRI scans, and no computer chip production without helium!
Note: On August 25, 2025, a GOLDINVEST webinar with Pulsar Helium and CEO Thomas Abraham-James will take place, presenting current project progress and future milestones. Registration is possible via the event page.
