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Pulsar Helium now has twice as much land to explore following an agreement for leasing private land east of Babbitt.
The increase in land position expands the company’s interest in the Topaz Project from 2,089 to 4,181 net acres.
The terms state that after the initial five-year lease extension, any developed tract can be extended further as long as Topaz continues producing gas.
Pulsar is also pursuing additional acreage through the newly legislated dtate leasing process.
Pulsar also announced it has signed a new drill contract with Capstar Drilling for its Topaz Helium Project east of Babbitt.
The drill contract follows the successful drilling of the Jetstream #1 well and additional drilling activities are scheduled to occur this quarter.
Drilling activities will consist of deepening the Jetstream #1 well by a further 1,640 feet to intersect the full anticipated height of the reservoir, with the option to drill an additional two step out wells.
The deepening of Jetstream #1 is expected to start in mid-December and last around seven days. The step out wells are located in areas that need to be frozen for access. That work is expected to start in mid-January.
“The signing of the Capstar Drilling contract is a further step forward as we look to commercialize the high-grade Topaz helium project in Minnesota. We anticipate that deepening the Jetstream #1 well will further validate the economics of the Project and confirm the reservoir’s district-scale potential, thus underpinning Topaz as North America’s leading helium and CO2 resource,” said Pulsar CEO Thomas Abraham-James.
“These are exciting times for Pulsar particularly as mineral security and ‘safe jurisdiction resource development’ increasingly shape investor decision making. We are receiving strong support across the political spectrum in Minnesota who recognize the statewide benefits of bringing Topaz on stream.”
