Pulsar Helium, a company focused on helium exploration and development, has entered into a new drilling agreement with Capstar Drilling to further progress its Topaz helium project in Minnesota. The contract, made public on 1st October, involves extending the depth of the Jetstream #1 well by an additional 500 metres. This is expected to access the full reservoir, and the agreement also includes the option to drill two more step-out wells.
All necessary permits for the deepening of Jetstream #1 have already been secured by Pulsar Helium, with the drilling process scheduled to start within this quarter. According to Thomas Abraham-James, the company’s President and CEO, the contract represents significant progress towards the commercialisation of the Topaz helium project. Abraham-James expressed optimism that extending the well will provide further economic validation for the project and demonstrate the reservoir’s large-scale potential, reinforcing Topaz as one of North America’s most promising helium and CO2 resources.
This development follows the recent introduction of a law in Minnesota, which allows the state to issue leases for the exploration and production of non-hydrocarbon gases, including helium. Until final rules are adopted, helium project permits will be regulated by a temporary framework. By mid-January 2025, the Minnesota Department of Natural Resources commissioner is expected to deliver recommendations to legislative committees, outlining potential legal and policy changes to aid the exploration and production of non-hydrocarbon gases. These recommendations will also cover the management of temporary permits for gas exploration.
Earlier this year, Pulsar Helium received promising results from gas samples taken from the Jetstream #1 well. Tests revealed helium concentrations as high as 13.8%, further enhancing the potential of the Topaz project.
Pulsar Helium Inc (TSXV:PLSR) is a leading primary helium exploration and development company. Its flagship Topaz Project in Minnesota, USA, flowed North America’s highest concentration of helium at 14.5%. Commercially viable helium project concentrations begin @ 0.3%.
