Helium exploration and development company Pulsar Helium has signed a new drill contract with Capstar Drilling to advance its Topaz helium project in Minnesota.
Announced today (1st Oct), the contract will see the deepening of the Jetstream #1 well by a further 500 meters to reach the full reservoir, with the option to drill two additional step-out wells.
Pulsar Helium has obtained all relevant permits for deepening Jetstream #1. Drilling is scheduled to begin this quarter.
Thomas Abraham-James, President and CEO of Pulsar, described the contract signing as a step forward in commercialising the Topaz helium project in Minnesota.
He added, “We anticipate that deepening the Jetstream #1 well will further validate the economics of the project and confirm the reservoir’s district-scale potential, thus underpinning Topaz as North America’s leading helium and CO2 resource.”
News of the contract follows a new law in Minnesota that allows the state to issue leases for exploration and production of non-hydrocarbon gases, including helium.
Helium project permits will now be governed by a temporary regulatory framework prior to final the rules being adopted.
By 15th January 2025, the Minnesota Department of Natural Resources commissioner must provide recommendations to the legislative committees.
These recommendations will suggest changes to laws and policies to help with the exploration and production of non-hydrocarbon gases, such as helium. They will also address temporary permits for gas exploration and production.
Read more: Minnesota’s new law opens door for helium exploration and production
Earlier this year, Pulsar Helium received results from gas sample tests from its Jetstream #1 appraisal well in Minnesota, revealing helium contents of up to 13.8%.
Read more: Pulsar Helium discovers up to 13.8% helium concentrations in Minnesota well
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