Pulsar Helium triples Jetstream No. 1 flow at Topaz

Executive Summary

• Pulsar Helium Inc. reported major natural flow test results from the Jetstream No. 1 appraisal well at its Topaz helium project in Minnesota, showing a significant increase in well performance compared to 2024 tests.
• The well achieved a peak natural flow rate of approximately 501,000 cubic feet per day (Mcf/d) on August 15, 2025, which is more than three times the peak natural flow recorded in April 2024 under similar pressure conditions.
• The results validate the subsurface model and the reservoir's productivity, with no formation water encountered and gas flowing as dry gas; further compression testing and analysis are underway to determine maximum potential.

Key Details

• Peak Natural Flow: On August 15, 2025, Jetstream No. 1 achieved a peak natural flow rate of approximately 501,000 Mcf/d (thousand cubic feet per day).
• Testing Conditions: The peak rate was achieved on a 38/64-inch choke at approximately 30 psi well head pressure (WHP) with no compression or stimulation.
• Gas Composition: The gas flowed as dry gas with no formation water encountered. Previous gas analysis (April 2024) indicated helium concentrations ranging from 8.7% to 14.5%, well above the 0.3% economic threshold.
• Comparison to 2024: In April 2024, Jetstream No. 1 achieved a peak natural flow of approximately 150 Mcf/d at 34 psi WHP. The current result represents a more than threefold improvement under near-identical pressure conditions.
• Sustained Flow Performance: The well demonstrated stable long-duration flows of 150 to 300 Mcf/d for periods of 12 to 18 hours on smaller choke sizes, showing no significant decline and rapid pressure recovery, indicating excellent reservoir recharge capacity.
• Well Depth: Jetstream No. 1 was deepened to a total depth (TD) of 5,100 feet (1,555 metres) on January 11, 2025, penetrating the entire interpreted helium-bearing zone.
• Future Testing: Pulsar is commencing compression-assisted flow tests to assess maximum capacity. Reference data from February 2024 showed that compression increased flow to approximately 821 Mcf/d.
• Next Steps: Additional sustained-flow results, flow results under well-head compression, and full gas composition analyses are being obtained. Upon completion, equipment will move to Jetstream No. 2 for equivalent testing.
• Project Context: The Topaz project is located in northern Minnesota. Pulsar holds exclusive leases and is the first mover in primary helium occurrences not associated with hydrocarbon production. Jetstream No. 2 was drilled to a TD of 5,638 feet (1,718 metres) on February 1, 2025.

Notable Quotes

• "The deepening of the Jetstream No. 1 appraisal well to a total depth of 5,100 feet, penetrating the entire interpreted helium-bearing zone, has proven highly successful. The well is now naturally flowing at approximately 501,000 cubic feet per day at 30 pounds per square inch WHP, more than three times the peak natural flow achieved in 2024. This result validates our subsurface model, significantly derisks the Topaz project and confirms the reservoir's outstanding productivity." — Thomas Abraham-James, President and CEO