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NEWS RELEASE | JANUARY 13, 2025 |
CASCAIS, PORTUGAL
PULSAR HELIUM ANNOUNCES
SUCCESSFUL COMPLETION OF DEEPENING OF THE JETSTREAM #1 APPRAISAL
WELL, TOPAZ PROJECT, MINNESOTA, USA
Pulsar Helium Inc. (AIM: PLSR, TSXV:
PLSR, OTCQB: PSRHF) ("Pulsar" or the "Company"), a leading helium project
development company, is pleased to announce the successful
completion of the deepening operation for the Jetstream #1
appraisal well, that previously flowed up to 14.5% helium
concentration, at its flagship Topaz Project in Minnesota, USA. The
drilling operation reached Total Depth (TD) of 5,100 feet (1,555
metres) on January 11th, 2025, successfully penetrating
the entire interpreted helium-bearing reservoir and
beyond.
Key
Achievements
- Successful Deepening:
Jetstream #1 reached its target depth of 5,100 feet on January
11th, 2025.
- Expanded Reservoir: Initial
data supports the Company's interpreted larger helium-bearing
reservoir zone with multiple helium zones encountered throughout
the deepening operation from 2,200 feet to 5,100 feet.
- Promising Helium Readings:
Mud log gas levels containing up to 7.24% helium were encountered
during drilling. These samples are diluted by atmospheric air due
to the rotary air drilling method used and unaffected samples for
laboratory analysis will be acquired in due course.
- Comprehensive Data
Collection: Down-hole wireline logging data was acquired over
January 11th-12th, this data will be
integrated with additional downhole data that will be acquired over
the coming weeks.
- Next Steps: Additional data
collection, including optical televiewer, pressure, and flow
testing, will be conducted after the completion of drilling of
Jetstream #2.
- Jetstream #2 Preparation:
The drill rig is now moving onto the Jetstream #2 pad, with
spudding anticipated around January 17th, 2025.
Thomas Abraham-James, President & CEO of Pulsar Helium,
commented on the drilling:
"The deepening of the Jetstream #1 well has
been a resounding success, exceeding our expectations and
reinforcing our confidence in the Topaz Project's potential. The
expanded reservoir height and encouraging helium readings are
testament to the quality of our geological model and the expertise
of our team. As we move forward with Jetstream #2 and additional
testing, we are increasingly optimistic about the project's ability
to contribute significantly to the global helium supply chain. This
success not only validates our exploration strategy but also
positions Pulsar Helium as a key player in addressing the critical
demand for helium in various high-tech
industries."
Expanded Reservoir Potential
The deepening operation has revealed
promising indications of an expanded helium-bearing reservoir.
Multiple helium-bearing zones have been identified in the
interpreted geophysical anomaly over the interval from 1,750 -
5,100 feet, representing a significant potential increase in
reservoir height over previous estimates. The increased reservoir
thickness potentially enhances the project's resource potential and
underscores the value of the Topaz Project.
Ongoing Analysis and Testing
Pulsar Helium is currently
conducting a thorough analysis of the down-hole wireline logging
data collected from Jetstream #1. Additional testing, including
optical televiewer and pressure/flow assessments will be gathered
after completion of the drilling of Jetstream #2, scheduled for
early March, and will further refine the Company's understanding of
the reservoir's properties and production potential.
Looking Ahead: Jetstream #2
Building on the success of Jetstream
#1, Pulsar Helium is preparing to commence drilling operations for
the step-out well, Jetstream #2. This well is scheduled to spud on
or around January 17th, 2025, and is planned to reach a
depth of at least 5,000 feet. Jetstream #2 will play a crucial role
in delineating the characteristics of the helium-bearing reservoir
and further validating the project's potential.
Strategic Significance
The Jetstream #1 appraisal well
previously reached total depth (TD) of 2,200 feet (671 metres) on
February 27th, 2024, identifying top-tier helium
concentrations of up to 14.5%, well above the 0.3% widely accepted
economic threshold, and CO2 concentrations exceeding 70%
- with the latter expected to further contribute to the project
economics. The deepening of Jetstream #1 is a pivotal step in
advancing Pulsar's strategy to address the increasing global demand
for helium as the Company moves another step closer to production.
The deepening of Jetstream #1 will target the full height of the
helium reservoir, guided by insights from recently acquired
geophysical data, previous drilling data, and onsite
testing.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
On behalf Pulsar Helium
Inc.
"Thomas Abraham-James"
President, CEO and
Director
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK
MAR").
Further Information:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (218) 203-5301
+44 (0) 2033 55 9889
Strand Hanson Limited
(Nominated & Financial Adviser,
and Joint Broker)
Ritchie Balmer / Rob Patrick /
Richard Johnson
+44 (0) 207 409 3494
OAK
Securities*
(Joint Broker)
Jerry Keen (Corporate Broking) /
Henry Clarke (Institutional Sales) / Dillon Anadkat (Corporate
Advisory)
info@OAK-securities.com
+44 203 973 3678
BlytheRay Ltd
(Financial PR)
Megan Ray / Said Izagaren
+44 207 138 3204
pulsarhelium@blytheray.com
*OAK Securities is the trading name of Merlin Partners LLP, a
firm incorporated in the United Kingdom and regulated by the UK
Financial Conduct Authority.
About Pulsar Helium Inc.
Pulsar Helium Inc. is a publicly
traded company listed on the AIM market of the London Stock
Exchange and the TSX Venture Exchange with the ticker PLSR, as well
as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists
of its flagship Topaz helium project in Minnesota, 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:
Website https://pulsarhelium.com
X https://x.com/pulsarhelium
LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
Neither the 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.
Qualified Person Signoff
In accordance with the AIM Note for
Mining and Oil and Gas Companies, the Company discloses that Thomas
Abraham-James, President, CEO and Director of the Company has
reviewed the technical information contained herein. Mr.
Abraham-James has approximately 20 years in the mineral exploration
industry, is a Chartered Professional Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM CP (Geo)), a Fellow of
the Society of Economic Geologists and a Fellow of the Geological
Society of London.
Forward-Looking Statements
This news release and the interview
contains 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.
Forward-looking statements herein include, but are not limited to,
statements relating to the potential impact of deepening Jetstream
#1 and the potential impact of such deepening on the next iteration
of the resource estimate; the expected timing to commence drilling;
and the potential for future wells. Forward-looking statements may
involve estimates and are based upon assumptions made by management
of the Company, including, but not limited to, the Company's
capital cost estimates, management's expectations regarding the
availability of capital to fund the Company's future capital and
operating requirements and the ability to obtain all requisite
regulatory approvals.
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
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, that Pulsar may be
unsuccessful in deepening the Jetstream #1, in drilling
commercially productive wells; the uncertainty of resource
estimation; operational risks in conducting exploration, including
that drill costs may be higher than estimates and the potential
for
delays in the commencement of
drilling; commodity prices; health, safety and environmental
factors; and other factors set forth above as well as under
"Cautionary Note Regarding Forward Looking Statements and Market
and Industry Data" and "Risk Factors" in the AIM Admission Document
published on October 14th, 2024, found on the Company's web site
at https://pulsarhelium.com/investors/aim-rule-26/default.aspx.
Forward-looking statements contained
in this news release are as of the date of this news release, and
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. No assurance can be
given that the forward-looking statements herein will prove to be
correct and, accordingly, investors should not place undue reliance
on forward-looking statements. Any forward-looking statements
contained in this news release are expressly qualified in their
entirety by this cautionary statement.