Pulsar tests 1.3 MMcf/d at Topaz, starts drill plan

Executive Summary

• Pulsar Helium reports that Jetstream No. 1 flowed over 1.3 million cubic feet per day (MMcf/d) under well-head compression, confirming a clean, helium-bearing gas stream with no formation water.
• The company has secured a Master Services Agreement (MSA) with Timberline Drilling Inc. to drill up to 10 core wells at the Topaz project, with operations scheduled to commence in late September 2025.
• Data from Jetstream No. 1 is being used by Chart Industries to model production scenarios for helium and CO2 processing, with no further flow testing planned for this well.

Key Details

• Jetstream No. 1 Flow Test Results:
  • Peak gas flow rate of approximately 1.3 MMcf/d under well-head compression.
  • Produced dry gas with no formation water (100% gas), indicating a clean reservoir.
  • Natural (unassisted) flow was approximately 501 thousand cubic feet per day (Mcf/d) on a 38/64-inch choke at ~30 psi wellhead pressure.
  • This rate is more than triple the peak rate recorded in 2024 (821,000 Mcf/d).
  • Total depth (TD) of 5,100 feet (1,555 metres).
• Jetstream No. 2 Appraisal Well:
  • Drilled to a TD of 5,638 feet (1,718 metres).
  • Initial gas flow of roughly 40,000 to 50,000 Mcf/d.
  • High initial shut-in pressure of approximately 151 psi (10.4 bar).
  • Sustained flow was restricted by persistent wellbore blockages; results are under review.
• Multi-Well Drilling Program:
  • Contract signed with Timberline Drilling Inc. for up to 10 core wells.
  • Target depth: up to approximately 3,937 feet (1,200 metres) to penetrate the helium reservoir.
  • Drilling commencement: Late September 2025.
  • Operations: Continuous 24/7 with rotating crews using a CS 3000 core drill rig.
  • Advance payment of $70,000 (U.S.) paid for blow out preventor (BOP) to secure rig and crew.
  • Permits are in place for the initial three planned well locations.
• Partnerships and Analysis:
  • Gas samples from Jetstream No. 1 (14 samples over a nine-day interval) sent for laboratory analysis.
  • Data delivered to Chart Industries (NYSE: GTLS) for engineering studies to model helium and CO2 production scenarios, including sizing of compressors, separation units, and liquefaction equipment.
  • No further flow testing is planned for Jetstream No. 1; it is expected to serve as a future production well.

Notable Quotes

• "We are thrilled to kick off our multiwell drilling campaign at Topaz in the coming weeks. This program aims to significantly expand our understanding of the helium reservoir and accelerate our path toward production... The outstanding result from Jetstream No. 1, which flowed substantial volumes of gas with minimal assistance, underscores the reservoir's exceptional potential." — Thomas Abraham-James, President and CEO