VANCOUVER, British Columbia, June 10, 2024 (GLOBE NEWSWIRE) -- Pulsar Helium Inc. (TSXV:PLSR & OTCQB:PSRHF) (“Pulsar” or the “Company”) is today reporting further results from its ongoing exploration program at its 100% owned Topaz project in Minnesota.
- Flow rate of up to 821,000 cubic feet per day with helium grade between 8.7-14.5%.
- 162 psi (1,117 kpa) bottom hole pressure.
- 70% pressure rebound within the first hour of post-flow shut-in. The fast build-up of pressure is regarded as highly positive, suggesting that there is a significant volume of gas present.
As previously announced, the Jetstream #1 appraisal well* recently completed flow testing operations where gas was recorded over a total of five flow tests at rates of up to 821,000 cubic feet per day with no formation water present. Laboratory analysis confirmed the world-class grade of helium, with analysis from an independent laboratory calculating helium content in the range of 8.7-14.5%.
The combination of flow rate multiplied by helium concentration confirms Jetstream #1 as world-class helium well in the context of other publicly listed helium explorers and developers.
The Jetstream #1 appraisal well is Pulsar’s first and only well on the property, which twinned and surpassed the original 2011 discovery which reported helium hosted in fractures. Ongoing analysis of Jetstream #1 has identified additional fractures sets, which in combination with the data collected to date confirms the presence of a globally significant discovery and provides Pulsar with the confidence to drill deeper and test the entirety of the interpreted helium-bearing zone, as identified by seismic surveys conducted by the Company.
Additional pressure data acquired from Jetstream #1 has confirmed 162 psi (1,117 kpa) bottom hole pressure, and 70% pressure rebound within the first hour of post-flow shut-in, suggesting the presence of significant volumes of gas. Well head (surface) pressure of 20 psi as previously announced, is not a static shut-in pressure, which was measured at 144 psi (993 kpa). Decreasing the flowing tubing head pressure at the surface serves to have a corresponding increase in the flow rate.
Ongoing Work
All data is now being transferred to Sproule International Ltd for their resource update calculation, expected to be completed in July. In the meantime, the Company is preparing for additional field activities consisting of seismic surveys, interpretation of the recently acquired in-fill FALCON airborne gravity gradiometry, and preparation for drilling later in 2024. The drilling is likely to consist of deepening Jetstream #1 and drilling step-out wells.
* In the State of Minnesota, the regulatory term is ‘exploratory boring’.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly traded company listed on the TSX Venture Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. Pulsar’s portfolio consists of its flagship Topaz helium project in Minnesota, USA, that has been drilled and flowed up to 14.5% helium, USA and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each. For further information visit https://pulsarhelium.com, follow us on X https://twitter.com/pulsarhelium?lang=en and LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
On behalf Pulsar Helium Inc.
“Thomas Abraham-James”
President, CEO and Director
Further Information:
Thomas Abraham-James President,
CEO and Director Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (604) 599-0310
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward–looking statements and forward–looking information within the meaning of Canadian securities legislation (collectively, "forward–looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward–looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward–looking statements. No assurance can be given that these expectations will prove to be correct and such forward–looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.
Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.
Forward–looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward– looking statements. Such risks and uncertainties include but are not limited to Pulsar may be unsuccessful in drilling commercially productive wells; drill costs may be higher than estimates; delays in the commencement of drilling, a temporary permit may not be issued, and other factors set forth under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the Final Prospectus. The Company undertakes no obligation to update or revise any forward– looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward–looking statement. Any forward–looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
