Pulsar Helium Inc (LSE:PLSR) shares moved up, gaining 4.8% changing hands at 83.2p, after new Minnesota legislation created a clearer route toward production at its flagship Topaz helium project, as the company moves from appraisal work into production-well planning.
The AIM, TSX-V and OTCQB-listed company noted that Governor Tim Walz signed the legislation on May 26, updating state processes for permitting gas extraction projects and advancing a helium-specific framework in northeastern Minnesota.
Pulsar said the changes apply to helium-focused gas well development in Cook, Lake and St. Louis Counties, while prohibiting oil wells and hydraulic fracturing treatment in gas wells. Commercial gas production remains subject to rulemaking, environmental review, permitting and other state implementation steps.
The company highlighted that it has completed its Jetstream exploration and appraisal programme at Topaz and is now obtaining quotes for drilling up to four new production wells, which would supplement two existing production-ready wells.
Formation logging across Jetstream #3 through Jetstream #7, excluding Jetstream #5, has allowed detailed evaluation of the reservoir, with gas influx zones correlating with highly fractured zones. Pulsar said all Jetstream wells drilled to date have encountered gas under high pressure.
The governor’s signature “creates a defined, helium-specific pathway toward production at Topaz” at a time when global helium supply is under pressure, company president Cliff Cain said.