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NEWS RELEASE | JANUARY 6, 2025 |
CASCAIS, PORTUGAL
PULSAR HELIUM ANNOUNCES
DRILLING HAS COMMENCED AT 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, announces that drilling for the deepening of
the Jetstream #1 appraisal well commenced at 6:00PM (central time)
on January 2nd, 2025, at its flagship Topaz Project in
Minnesota ("Topaz" or the
"Project"). As part of this
crucial phase, Pulsar plans to deepen the Jetstream #1 appraisal
well by a minimum of 1,640 feet (500 metres), to a total depth of
no less than 3,840 feet (1,170 metres) which is anticipated to be
completed later this week. Upon completion, a series of downhole
tools will be used to gather data on the well
characteristics.
Highlights
•
Drilling: Deepening of Jetstream
#1 is underway and anticipated to be completed later this week. On
site are the same Capstar crew and rig used to drill Jetstream #1
in February, 2024.
•
Downhole testing: Open-hole
wireline logging will commence immediately upon the completion of
drilling. Flow testing will occur at a later time when the well
pressure has stabilised.
•
Step out well: The drill pad for
the step out well, Jetstream #2, is complete and the conductor rig
is scheduled to install the conductor by the end of January
8th.
Thomas Abraham-James, President & CEO of Pulsar, commented
on the commencement of drilling:
"Deepening of the Jetstream #1 well has
commenced and is progressing extremely well. The assessment of the
full height of the previously discovered high helium concentration
reservoir is a key stage in progressing Topaz. Previous drill data
obtained in February 2024 indicated that we only reached the top of
the reservoir and that it may extend for a further 1,640 feet.
Immediately upon completion we will run down-hole tools, and I look
forward to keeping the market updated with our
progress."
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.
On behalf Pulsar Helium
Inc.
"Thomas Abraham-James"
President, CEO and
Director
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.
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 14, 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.