Pulsar Helium reports narrower loss as it advances drilling, testing

(Sharecast News) - Pulsar Helium reported a reduced loss for the nine months ended 30 June on Monday, as it advanced drilling and testing across its US helium projects, including a major uplift in natural flow rates at its Jetstream appraisal wells.

The AIM-traded company posted a net loss of $8.5m for the period, down from $21.4m a year earlier, with exploration and evaluation spending of $6.5m largely directed toward the deepening of Jetstream 1 and drilling of Jetstream 2 at the Topaz project.

Administration costs totalled $2.7m, including $382,512 of non-cash share-based expenses.

The firm ended the period with $617,626 in cash, having raised funds through private placements and drawn $2.5m from a $4m project finance facility provided by University Bancorp.

Operationally, Pulsar reported a more than threefold increase in natural flow rates at Jetstream 1, which delivered a peak of around 501 thousand cubic feet per day during August testing, compared with 150 thousand cubic feet per day recorded in 2024 under similar conditions.

Sustained long-duration flows of 150 to 300 thousand cubic feet per day showed no significant decline and were followed by rapid pressure recovery, indicating strong reservoir performance.

Under well-head compression, the well produced more than 1.3m cubic feet per day.

The company said it had engaged Sproule-ERCE to conduct a pre-feasibility study at its Tunu helium-geothermal project and has signed a drilling contract for up to 10 new wells, with work expected to begin in late September.

President and chief executive Thomas Abraham-James said the results "mark a major leap in well performance" and provided "a robust technical and economic foundation for future project decisions" as Pulsar moved toward larger-scale development.

At 1319 BST, shares in Pulsar Hellium were down 5.19% at 22.28p.

Reporting by Josh White for Sharecast.com.