Pulsar Helium starts drilling Jetstream 2 appraisal well
By Josh White
Date: Friday 17 Jan 2025
(Sharecast News) - Pulsar Helium announced on Friday that it has started drilling the Jetstream 2 appraisal well at its flagship Topaz Project in Minnesota.
The AIM-traded firm said drilling started on 16 January, and was expected to reach a depth of approximately 5,000 feet by the end of the month.
It said the second gas appraisal well at the Jetstream Prospect was designed to assess reservoir properties such as porosity, permeability, and connectivity, providing critical data for resource estimation and production planning.
Following the completion of Jetstream 2, Pulsar said it would collect down-hole wireline logs and perform optical televiewer analysis on both Jetstream 1 and 2.
Flow testing and pressure build-up monitoring for both wells were scheduled for early March, after a stabilisation period.
The board said the start of Jetstream 2 followed the recent successful deepening of Jetstream 1, which reached a total depth of 5,100 feet on 11 January.
During drilling, mud log gas levels containing up to 7.24% helium were encountered, though the samples were diluted by atmospheric air.
Laboratory analysis of unaffected samples would follow.
The company said the initial Jetstream 1 well, completed in February last year, identified helium concentrations as high as 14.5%, significantly exceeding the widely accepted economic threshold of 0.3%.
Carbon dioxide concentrations above 70% were also reported, which were expected to enhance project economics.
The deepening of Jetstream 1 aimed to target the full height of the helium reservoir, guided by newly-acquired survey data and insights from previous drilling phases.
At 1144 GMT, shares in Pulsar Helium were flat at 27p.
Reporting by Josh White for Sharecast.com.
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