Pulsar Helium Inc. announced that drilling of the Jetstream appraisal well at the Topaz helium project in Minnesota is ongoing and total depth (TD) has not yet been reached. The drill time is longer than anticipated due to drilling fluid losses preventing fluid circulation and the recovery of gas and drill cuttings to the surface. The Company has therefore made the decision to pivot from drilling with water, to drilling with air; and an air package has been mobilised that will be connected to the contracted drill rig.

While the delay is unfortunate, the Jetstream #1 well is still anticipated to reach TD, be tested with a comprehensive suite of open-hole wireline logs and be completed by the first week of March. Since the spud date, the Jetstream #1 site has been visited by local Minnesota news agencies and a film crew from Reuters, collecting footage and conducting interviews that will be utilized in their upcoming Global Health 2024 documentary series. Many key local stakeholders including government officials, local residents, contractors and potential customers have toured the site.