Pulsar Helium: Topaz ranks among the world’s top primary helium projects

After a share price drop of close to 30 percent since Thursday last week, Pulsar Helium (TSXV: PLSR, OTCQB: PSRHF, FRA: Y3K) is following up today with an explanatory press release with further facts to clear up any misunderstandings that may have arisen. In Thursday’s announcement, a technically correct head pressure of the flowing pipe at the surface (surface pressure) of 20 psi was stated. But this is an abstract figure for technical laymen and does not give any idea of the pressure the system is actually under. In fact, engineers strive to reduce the head pressure to increase the flow rate of the gas. Bottom hole pressure provides a better indication of the pressures present in the Jetstream No. 1 gas well, which Pulsar said today is 162 psi (1,117 kpa) at the bottom of the well. The static shut-in pressure, which results when the well is sealed and reopened, is therefore 144 psi (993 kPa). These high pressures correspond to 11 to 10 times the average atmospheric pressure or four times the average tire pressure of a car. They also explain why the well blew so loudly when it was opened.

Jetstream Well No. 1 has recorded gas volumes of up to 821,000 cubic feet per day in a total of five flow tests to date, with no formation water present. Laboratory analysis confirmed the world-class helium content. Analysis by an independent laboratory showed a helium content in the range of 8.7 to 14.5%. The combination of flow rate multiplied by helium concentration confirms that Jetstream #1 is a world-class helium well compared to other listed helium exploration and development wells.

Pulsar is encouraged by the rapid pressurization of Jetstream #1 after the gas flow shut-in. Within the first hour, 70 % of the original pressure was built up again. From this, the technicians conclude that a considerable volume of gas is likely present. This is also consistent with the further observation that additional fractures were identified in the Jetstream No. 1 borehole. This, in combination with the data collected to date, suggests the presence of a globally significant discovery, Pulsar said. The data suggests that the existing Jetstream No. 1 well should be deepened to test the entire interpreted helium-bearing zone suspected from the available seismic data.

All data is now being submitted to Sproule International Ltd for resource update calculation, which is expected to be completed in July. In the meantime, the company is preparing for further field activities. These include further seismic surveys and preparations for drilling later in 2024, with the deepening of Jetstream No. 1 and the drilling of a step-out well expected to be on the agenda.