VANCOUVER BC / ACCESSWIRE / March 25, 2024 / Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) (“Pulsar” or the “Company”) is pleased to announce that it has received the wireline log interpretation from Asia-Pacific Formation Evaluation Services Pty Ltd. for the Jetstream #1* confirmation well at the Topaz Helium Project in Minnesota. A predominantly gas-saturated section has been interpreted between 503 and 671 m (1,650 – 2,200 ft), containing discrete zones where productive permeability appears to exist. Drilling observations and interpretation of the log data indicate the presence of permeable zones in the form of fractures and/or vuggy porosity within the host rock. Additional wireline data is planned to be captured when Jetstream #1 is prepared for the upcoming pressure build-up and flow testing.
The Jetstream #1 appraisal well reached a total depth of 671 meters (2,200 feet) on February 27 and was designed to include intermediate casing and a wellhead that can become a helium production well. On March 14, the Company reported concentrations of up to 13.8% helium measured by specialized gas laboratories, and on February 28, Baker Hughes collected a high-quality set of wireline logs. The logs were interpreted in conjunction with drill cuttings lithology descriptions, X-ray fluorescence, and mud log data by an independent petrophysicist from Asia-Pacific Formation Evaluation Services Pty Ltd.
Key conclusions from the independent petrophysical study include:
A high-quality dataset for formation evaluation was acquired,
Reliable models for mineralogy and total porosity were created, and
Saturation and pore system nature are uncertain from these results, but productivity appears to be associated with larger discrete porosity features such as fractures and vugs.
As Baker Hughes was unable to acquire all desired wireline data due to a lack of fluid level in the wellbore, additional logging is planned to further evaluate reservoir characteristics and porosity types prior to the well testing program. Additionally, the Company is conducting further laboratory analysis of drill cuttings and the LOD-6 (2011 discovery well) core to further refine the petrophysical interpretation.
Thomas Abraham-James, President and CEO, said: “We are excited about these initial positive results from the well and will capture the supplementary wireline log data, pressure and flow testing, as well as the additional laboratory results as part of our ongoing testing program. We look forward to keeping our shareholders updated on further progress.”
Flow Testing and Pressure Build-Up Program Update
The Company is awaiting the lifting of spring road restrictions and will then proceed with a well testing package that includes flow and pressure build-up programs, pressure gas sampling for laboratory analysis, and production tubing installation. This program will now be expanded to include additional wireline data acquisition as recommended by Asia-Pacific Formation Evaluation Services Pty Ltd.
* In the state of Minnesota, the statutory term is “exploratory boring.”
About Pulsar Helium Inc.
Pulsar Helium Inc. is listed on the TSX Venture Exchange under the ticker PLSR and on the OTCQB under the ticker PSRHF. The company is dedicated to defining and developing primary helium occurrences. Its portfolio consists of the Topaz Helium Project in Minnesota, USA, and the Tunu Helium Project in Greenland. Pulsar is the first mover at both locations, where primary helium occurrences have been identified. Topaz is the company’s flagship project, which has already been drilled and demonstrates a remarkably high helium concentration of 13.8%. For more information, visit https://pulsarhelium.com and follow us on X https://twitter.com/pulsarhelium?lang=en and LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
On behalf of Pulsar Helium Inc.
“Thomas Abraham-James”
President, CEO and Director
For further information:
Thomas Abraham-James President,
CEO and Director Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (604) 599-0310
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively referred to as “forward-looking statements”) that relate to the Company’s current expectations and views of future events. All statements expressing expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements that involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular, and without limitation, this press release contains forward-looking statements regarding the expected results of Jetstream #1 with respect to estimating the size of the reservoir penetrated, the results of the flow test and pressure build-up program, and the collection of downhole gas samples for determination of helium and other gas concentrations by an independent laboratory. No assurance can be given that these expectations will prove to be correct and undue reliance should not be placed on such forward-looking statements included in this press release. These statements refer only to the date of this press release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those disclosed in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility that Pulsar may not be successful in drilling commercially productive wells, that drilling costs may be higher than estimated, that the commencement of drilling may be delayed, and that other factors listed in the final prospectus under “Cautionary Note Regarding Forward-Looking Statements and Market and Industry Data” and “Risk Factors” may not be taken into account. The Company is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. From time to time, new factors emerge, and it is not possible for the Company to predict all such factors or to assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
SOURCE: Pulsar Helium Inc.
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