Pulsar, a key player in the helium industry, highlights the significance of it’s recent achievements as it gears up for production.
Helium is a critical and scarce resource essential to various technology-driven industries, all of which are significantly affected by shifting supply and demand dynamics. Of the few safe jurisdiction helium exploration companies in operation, Pulsar Helium stands apart boasting several key advantages:
- First-mover advantage in two strategically located helium districts, the USA and Greenland.
- Exceptional helium concentrations of up to 14.5% at the Topaz Project in Minnesota (discoveries with >0.3% helium are considered potentially economic).
- Potential CO₂ value-add, amid growing US shortages.
- Pulsar has the Tunu Project in Greenland, a strategic location and one of Europe’s few primary helium occurrences.
- Highly incentivised management, owning approximately 37% of the issued share capital.
Momentum builds at the Topaz Project, Minnesota
Pulsar Helium deepened the Jetstream #1 well, which was originally drilled to 2,200ft (671m) with helium concentrations of up to 14.5%. The well was extended to reach a new total depth (TD) of 5,100ft (1,555m) on January 11, 2025. This operation fully penetrated the interpreted helium-bearing reservoir and extended beyond, providing valuable data on the reservoir’s characteristics and potential.
Building on the success of Jetstream #1, Pulsar Helium completed drilling the Jetstream #2 appraisal well located 692ft (211m) to the southwest of Jetstream #1. This well reached a TD of 5,638ft (1,718m) on February 1, 2025. The Jetstream #2 well successfully intersected the entire height of the interpreted helium-bearing reservoir, offering invaluable insights into the reservoir’s structure and properties.
The completion of these two wells represents a significant advancement in Pulsar Helium’s exploration programme. The impressive helium concentrations observed in Jetstream #1, coupled with the successful penetration of the helium-bearing reservoir in both wells, underscores the potential significance of the Topaz Project in Minnesota’s helium exploration landscape.
As Pulsar Helium continues to analyse the data from these operations, the results may have important implications for future helium production in the region.
Advancing towards helium production: Topaz Project milestones and future plans
- Successful drilling: Jetstream #2 reached TD in February 2025, confirming an extensive helium-bearing zone.
- Promising helium concentrations: Mud log gas analysis revealed elevated helium levels, with Jetstream #1 showing up to 7.2% and Jetstream #2 up to 3.5% helium, despite dilution from atmospheric air used in rotary air drilling. Uncontaminated samples will provide final helium concentrations.
- Expanded reservoir: High helium values validate a substantial
- gas-bearing interval exceeding 2,200ft (671m), corroborating the accuracy of previous geophysical surveys.
- Ongoing data acquisition: Wireline logging and additional downhole data collection are currently underway.
- Upcoming operations: Optical televiewer imaging, high-definition spectroscopy, pressure and flow testing scheduled for February and March 2025.
Thomas Abraham-James, President & CEO of Pulsar Helium, remarked: “Drilling of the Jetstream #2 appraisal well and deepening of Jetstream #1 were resounding successes, with multiple high-concentration helium shows encountered. This reinforces our confidence that Topaz represents one of the most significant new primary helium discoveries in North America. We now move into the all-important testing phase and look forward to keeping the market updated with results.”
Addressing key market questions
Why are helium grades initially diluted?
Some investors have questioned why reported helium concentrations seem lower than expected. This is explainable due to a simple yet significant factor: atmospheric contamination. The rotary air drilling method, which is commonly used in helium exploration, introduces compressed air into the well. This process inevitably dilutes the concentrations of gases encountered, including helium.
In March, pressure and flow testing will provide more accurate helium grades. During this phase, uncontaminated reservoir samples will be collected, allowing for a true assessment of helium concentrations. These results are anticipated to surpass the 7.2% helium encountered during the drilling phase.
Why are the Jetstream #1 and Jetstream #2 appraisal wells so close together?
The Jetstream #1 and #2 appraisal wells are strategically positioned 692ft (211m) apart. This precise spacing is a result of careful technical planning aimed at maximising the understanding of the reservoir’s characteristics. The close proximity of these wells serves a crucial purpose: it enables the assessment of lateral connectivity between Jetstream #1 and #2.
By analysing the interplay between these closely spaced wells, engineers can better understand the reservoir’s behavior, potentially leading to more accurate reserve estimates and more efficient production plans. This approach demonstrates a commitment to thorough reservoir characterisation, which is essential for making informed decisions about the field’s development and long-term management.
Why didn’t Pulsar test Jetstream #1 while waiting for Jetstream #2 completion?
The primary reason for waiting is cost efficiency. Mobilising testing equipment twice would significantly increase expenses. By waiting for Jetstream #2 to be ready, Pulsar can optimise resources and conduct testing on both wells in a single campaign.
Why wait until March for pressure and flow testing?
Pressure and flow testing are crucial steps in evaluating the performance of newly drilled wells. However, conducting these tests immediately after drilling can lead to inaccurate results. The wells require time stabilise after drilling to remove any artificial pressure and allow them to return to natural conditions.
While it may seem tempting to conduct pressure and flow testing immediately after drilling, patience is key to obtaining meaningful results. The wait until March ensures that the data collected will provide a true representation of the well’s capabilities and the reservoir’s characteristics, leading to more informed decisions in well management and production strategies.
Do the wells have pressure?
Pulsar has not yet announced pressure readings in the wells due to using the air drilling method. This technique, which involves forcing air into the borehole, presents unique challenges for accurately determining counter-pressure during the drilling process. To obtain accurate pressure data, Pulsar has scheduled dedicated pressure and flow testing for March, after allowing time for the wells to stabilise. This approach ensures more reliable and precise measurements of well pressure and flow characteristics.
How long until Pulsar moves into production?
There have been two key developments in the path to helium production:
In May 2024 Minnesota enacted legislation authorising helium exploration leases on state lands, providing regulatory framework for resource extraction. Prior to this legislation and Pulsar’s commencement of activities there was no history of helium exploration or production in Minnesota.
In November 2024, Pulsar entered into an agreement with Chart Industries, a leading supplier of industrial gas processing plant and equipment, to develop a procurement roadmap. The processing plant itself is likely to take 12-18 months to fabricate, install and commission.
The strategic relationship with Chart Industries
Pulsar has established an agreement with Chart Industries, a globally recognised leader in gas processing solutions. This agreement is pivotal for Pulsar’s progression toward production at Topaz.
- Procurement Roadmap: The agreement outlines a structured procurement plan tailored to Pulsar’s specific needs.
- Advanced Gas Processing: Pulsar will gain access to cutting-edge helium and carbon dioxide capture technologies, essential for monetising its gas assets.
- Engineering Studies: Chart Industries will conduct studies to design helium and CO₂ processing infrastructure, providing critical data for future development. Chart’s expertise in helium liquefaction and carbon capture will enable Pulsar to move efficiently toward production while also capitalising on CO₂ as a valuable byproduct. This aligns with Pulsar’s commitment to environmental responsibility and optimising the commercial potential of its discoveries.
Advancing the Tunu Helium Project in Greenland
Pulsar Helium has received the interpretation of a passive seismic survey conducted at the Kap Tobin prospect within its Tunu project in Greenland. The survey, conducted in the summer of 2024, provides significant insights:
- Two low-velocity anomaly zones align with surface observations of a hydrothermal zone and fault associated with gas emissions containing up to 0.8% helium.
- The survey, using 150 passive seismic sensors, suggests the rock is more fractured than anticipated—potentially aiding helium exploration by providing more spaces for gas accumulation.
- These findings offer clear targets for exploratory drilling for helium and potential geothermal energy production.
Given these positive results, Pulsar may seek a strategic partnership to advance the Tunu project while focusing on bringing its Topaz project in Minnesota into production.
The road to production: What’s next for Pulsar?
With drilling now completed at Jetstream #1 and Jetstream #2, the focus shifts to testing and evaluation. The upcoming months will be exciting as the company gathers definitive pressure and flow data to refine its resource estimates and production planning.
- Testing: Pressure and flow testing to determine true helium concentrations and well productivity.
- Resource update: Independent resource estimation incorporating new data from the recent drilling campaign.
- Production feasibility: Chart Industries’ engineering studies will guide infrastructure planning for helium and CO₂ capture.
With world-class helium concentrations, strategic locations, and an efficient path to production, Pulsar Helium is poised to become a major player in the primary helium market. The company’s disciplined approach to exploration and development, combined with its commitment to transparency and strategic execution, positions it well to meet the increasing global demand for helium.
Conclusion: A clear path forward
Pulsar’s recent drilling successes at the Topaz Project underscore its potential to deliver much-needed primary helium supply. By addressing key market concerns, leveraging strategic partnerships, and executing a well-defined development strategy, the company is rapidly advancing towards helium production.
With major milestones ahead, Pulsar is firmly on the fast track to production – presenting investors with a rare opportunity to be part of the next major primary helium success story and capitalise on its rapid growth potential.
Please note, this article will also appear in the 21st edition of our quarterly publication.
