VANCOUVER BC / ACCESSWIRE / March 25, 2024 / Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) ("Pulsar" or the "Company") is pleased to announce that it has received the wireline log interpretation from Asia-Pacific Formation Evaluation Services Pty Ltd for the Jetstream #1 appraisal well* at the Topaz helium project in Minnesota. A predominantly gas saturated interval has been interpreted between 1,650 - 2,200ft (503 - 671 meters) containing discrete zones where productive permeability appears to occur. Drilling observations and log data interpretation suggest the presence of permeable zones in the form of fracture and/or vuggy porosity within the host igneous rock. Additional wireline data is scheduled to be acquired when Jetstream #1 is being prepared for the upcoming pressure build-up and flow testing operation.
The Jetstream #1 appraisal well reached total depth (TD) of 2,200 feet (671 meters) on February 27th and has been designed to include intermediate casing and a wellhead capable of becoming a helium production well. On March 14th the Company announced concentrations of up to 13.8% helium measured by specialist gas laboratories, and on February 28th, Baker Hughes collected a high-quality set of wireline logs. The logs in conjunction with cuttings lithology descriptions, x-ray fluorescence and mud log data were interpreted by an independent petrophysicist at Asia-Pacific Formation Evaluation Services Pty Ltd.
Notable conclusions from the independent petrophysical review are as follows:
- A high-quality formation evaluation data set was acquired,
- Reliable mineralogy and total porosity models have been established, and
- Saturation and the nature of the pore system are uncertain from these results, but productivity appears to be associated with larger-scale discrete porosity features such as fractures and vugs.
Not all desired wireline data could be acquired by Baker Hughes due to a lack of fluid level in the borehole and as a result additional logs are planned to further assess reservoir characteristics, and the porosity types prior to the well testing program. In addition, to further refine the petrophysical interpretation, the Company is having additional lab analysis performed on the drill cuttings and the LOD-6 (2011 discovery well) drill core.
Thomas Abraham-James, President and CEO said: "We are delighted to receive these initial positive results from the well and we are acquiring the complementary wireline log data, pressure and flow tests as well as the additional lab results as part of our ongoing testing program. We look forward to updating shareholders as we progress."
Update on flow-testing and pressure build up program
The Company awaits the lifting of Spring road restrictions and will then commence a well testing package that includes flow testing and pressure build-up program, collect pressurised gas samples for laboratory analysis and instal production tubing. This program will now be expanded to include additional wireline data acquisition as recommended by Asia-Pacific Formation Evaluation Services Pty Ltd.
* In the State of Minnesota, the regulatory term is ‘exploratory boring'.
About Pulsar Helium Inc.
Pulsar Helium Inc. is listed on the TSX Venture Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. It is dedicated to defining and developing primary helium assets. Its portfolio consists of the Topaz helium project in Minnesota, USA and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences identified at each. Topaz is the Company's flagship, having been drilled and flowing a remarkably high helium concentration of 13.8%. For further information visit https://pulsarhelium.com and follow us on X https://twitter.com/pulsarhelium?lang=en and LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
On behalf Pulsar Helium Inc.
"Thomas Abraham-James"
President, CEO and Director
Further Information:
Thomas Abraham-James President,
CEO and Director Pulsar Helium Inc.
[email protected]
+ 1 (604) 599-0310
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the anticipated results of Jetstream #1 with regard to estimating the size of the reservoir intercepted; the results of the flow testing and pressure build-up program and collect pressurised gas samples to determine the concentration of the helium and other gases via an independent laboratory. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to Pulsar may be unsuccessful in drilling commercially productive wells; drill costs may be higher than estimates; delays in the commencement of drilling, and other factors set forth under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the Final Prospectus. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE: Pulsar Helium Inc.