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(Sharecast News) - Pulsar Helium said on Monday that it has expanded its mineral position at the Topaz helium project in Minnesota and is preparing to move into the next phase of development following the successful completion of its seven-well Jetstream exploration programme.
The AIM-traded company said its operating subsidiary now holds about 690 net mineral acres outright and a further 4,941 net mineral acres under lease within the project area.
It is planning to drill between two and four production-ready wells to twin the most successful exploration wells and complement Jetstream #1 and #2, which are already designated as production-ready.
Chief executive Thomas Abraham-James said the project had "never been better positioned", citing the completion of exploration drilling, an expanded land position and the recent introduction of helium-specific legislation in Minnesota.
Pulsar added that drilling results, wireline data, reservoir modelling and higher-than-expected down-hole pressures had increased confidence in the scale and quality of the project, while geological and seismic data are being integrated into a comprehensive model to guide future development.
At 1545 BST, shares in Pulsar Helium were down 0.98% at 81.2p.
Reporting by Josh White for Sharecast.com.
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