Pulsar completes Jetstream No. 5 drilling at Topaz

Executive Summary

• Pulsar Helium completed drilling of Jetstream No. 5 at its Topaz project in Minnesota, reaching a total depth of 3,839 feet (1,170 metres) and encountering multiple pressurized gas zones with bottom-hole pressures up to 1,292 psi.
• The company encountered operational difficulties, leaving 1,239 feet of drill string stuck in the well; they plan to return in April 2026 to retrieve or bypass the stuck pipe to allow for full logging and flow testing.
• Drilling has commenced on Jetstream No. 6 (designed TD 3,000 feet, potential to 5,000 feet) located 1.3 miles southwest of Jetstream No. 1, while flow testing for Jetstream No. 3 and No. 4 is scheduled to begin in late February 2026.

Key Details

• Jetstream No. 5 Completion:
  • Total Depth (TD): 3,839 feet (1,170 metres).
  • Gas Influxes Encountered:
    • First interval at ~837 feet (255 metres).
    • Second interval at ~1,481 feet (451 metres) with preliminary bottom-hole pressure of ~662 psi.
    • Deeper interval at ~2,857 feet (871 metres) with calculated bottom-hole pressure of ~1,292 psi (highest recorded to date at Topaz).
  • Operational Issue: 1,239 feet of drill string was left in the well during removal at total depth.
  • Next Steps: Company plans to return to Jetstream No. 5 in April 2026 to retrieve or bypass the stuck string to enable full logging and flow testing of the entire 3,839 feet.
• Jetstream No. 6 Mobilization:
  • Drilling commenced on January 27, 2026.
  • Designed Total Depth: 3,000 feet (914 metres), with possibility to deepen to 5,000 feet (1,524 metres).
  • Location: 1.3 miles (2.1 kilometres) southwest of Jetstream No. 1, serving as a stepout to increase the Topaz resource size.
• Flow Testing Program:
  • Target Wells: Jetstream No. 3 and No. 4.
  • Start Date: Late February 2026.
  • Duration: Approximately six weeks per well.
  • Methodology: Flow testing followed by pressure buildup.
  • Sampling: Gas sampling program to be conducted during flow periods under the direction of Peter Barry.
  • Reporting: Interim results to be released as data is received and verified.
• Project Context:
  • Topaz project is a primary helium discovery containing helium-4, helium-3, and CO2, not associated with hydrocarbon production.
  • Reservoir is described as laterally extensive with high-quality helium resource indicators.
  • Multiwell appraisal program aims to map reservoir extent, pressure regime, and gas composition for resource estimation and development planning.

Notable Quotes

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