Pulsar Declares the Emergence of Helium at the Surface of Jetstream #1 in Minnesota

Pulsar Helium Inc. (TSXV:PLSR & OTCQB:PSRHF), known as Pulsar, is pleased to announce the successful completion of logging, completion, and flow testing activities at the Jetstream #1 appraisal well, a crucial component of its flagship Topaz helium project. The outcomes are as follows: Helium and associated gases naturally flowed to the surface in a free gas phase, with a maximum flow rate of 821 thousand cubic feet per day (Mcf/d) recorded post-cleanup. Laboratory analysis revealed helium concentrations ranging between 8.7% and 14.5%. Additionally, the presence of carbon dioxide concentrations exceeding 70% holds the potential to enhance project economics. Furthermore, the collection of Vertical Seismic Profile (VSP) and wireline optical televiewer data has been successfully completed, alongside an in-fill Airborne Gravity Gradiometry (AGG) survey.

The design of the Jetstream #1 appraisal well aimed to reproduce the original discovery made at LOD-6 in 2011, which proved to be successful. The current seismic data indicates the continued existence of the helium-bearing zone at greater depths, potentially extending up to an additional kilometer (3,281 feet). Future plans include deepening Jetstream #1 to explore this potential further, along with drilling a nearby step-out well and conducting a 3D seismic survey to delineate the structural boundaries of the resource.

Completion and initial flow testing at Jetstream #1 appraisal well has concluded, marking a significant milestone. The comprehensive program encompassed five tests, including both natural flow and under wellhead compression, spanning depths of 503-671 meters (1,650–2,200 feet). The flow test achieved a maximum absolute open flow of 821 Mcf/d using well site compression, while natural flow peaked at 150 Mcf/d. Step rate and choked tests provided valuable insights into reservoir production parameters. Following testing, tubing head pressure swiftly returned to pre-flow levels. Evidence of drilling fluid interference emerged, though initial analysis suggests manageable resolution during an early production clean-up flow phase. Further details on these findings will be announced in due course, underscoring the project's progress and ongoing assessment.

Gas samples collected during flow testing were sent to Isotech Laboratory, the Woods Hole Oceanographic Institute, and Caltech Noble Gas Lab. Initial results from Isotech revealed helium concentrations of up to 14.5%, averaging at 9.9% across 21 samples, pre-atmospheric contamination correction. Major gases include CO2, with levels reaching 71%, nitrogen up to 24%, and hydrocarbons making up less than 5% of the total gas content. Detailed gas chemistry investigation through gas isotope analysis is scheduled for later in June.

Sproule International Limited is currently evaluating all data collected from the Jetstream #1 well, alongside seismic, gravity, and magnetic data, to formulate an updated resource estimate for the Topaz project. This assessment will encompass both contingent and prospective resource calculations. Additional updates on this matter will be provided in due course.

Recent activities have yielded a wealth of data, encompassing both downhole and broader site insights. Inner Earth Technologies conducted an optical televiewer assessment, revealing a series of fractures within the open-hole section of Jetstream #1 across a 19-meter gross interval. Baker Hughes, in collaboration with SAExploration, executed a downhole vertical seismic profile (VSP) at Jetstream #1, offering insights into acoustic rock properties and facilitating future seismic imaging. SAExploration also conducted seismic sweeps nearby to aid in future seismic acquisition design. Additionally, Xcalibur MPH (Canada) Ltd conducted an in-fill FALCON Airborne Gravity Gradiometry (AGG) and magnetic survey over the Topaz project area, enhancing subsurface imaging. Further updates on independent evaluations of the Jetstream #1 well data will be provided as additional material information is received. The data collected over the past three weeks will contribute to understanding the Topaz resource, potential production performance, facility design, and regional work program planning.