Pulsar Helium Inc (AIM:PLSR, TSX-V:PLSR, OTCQB:PSRHF) shares jumped 7% to 45p after the company announced that its Jetstream #3 well at the Topaz helium project in Minnesota had encountered pressurised gas with a calculated bottom-hole pressure of around 960 psi, signalling a highly charged reservoir.
The well, located about 0.6 miles northeast of Jetstream #1, intersected two gas-bearing zones at depths of roughly 1,717 and 2,036 feet.
The strong pressure readings are a major improvement on those from previous wells, which recorded just 185 and 205 psi, and confirm the continuity of the helium-rich system.
Drilling, which began on 17 October, is continuing toward a planned total depth of 3,500 feet, using large-diameter core drilling to maximise sample recovery.
Once complete, Pulsar will run detailed logging and flow testing to assess reservoir deliverability, while gas samples will be analysed for helium composition, including the rare isotope helium-3, previously detected in Jetstream #1.
Chief executive Thomas Abraham-James called the result “extremely encouraging,” adding that it validated the company’s geological model and reinforced confidence in Topaz’s potential as a leading primary helium project in North America.
The Jetstream #3 well forms part of Pulsar’s multi-well programme designed to move Topaz toward commercial development.