Jetstream #1 flow rates triple – why the August test matters
Pulsar Helium has reported a step change in well performance at its flagship Topaz project, with the Jetstream #1 appraisal well now naturally flowing around three times faster than in 2024. On 15 August, Jetstream #1 delivered a peak natural flow of approximately 501 thousand cubic feet per day (Mcf/d) on a 38/64-inch choke at roughly 30 psi wellhead pressure (WHP), and crucially, without any compression.
For context, the same well peaked at around 150 Mcf/d at 34 psi during initial appraisal in April 2024. In plain English: under near-identical pressures, Pulsar has unlocked significantly better deliverability from the same hole. That speaks to effective wellbore clean-up and deepening, and a formation that is willing to flow.
Sustained dry gas and rapid pressure recovery signal reservoir quality
Beyond the headline peak, Jetstream #1 posted long-duration, stable flows of 150-300 Mcf/d for 12-18 hours on smaller choke sizes, showing no meaningful decline and then rebounding quickly in pressure once shut in. That kind of behaviour indicates strong reservoir recharge capacity.
Importantly, the gas flowed as dry gas – no formation water was encountered. Dry flow is usually a positive for future processing simplicity and costs.
Compression lifts Jetstream #1 above 1.3 MMcf/d
On 26 August, Pulsar added further colour: under wellhead compression, Jetstream #1 flowed over 1.3 million cubic feet per day. Compression is essentially mechanical assistance to increase drawdown. It does not replace the importance of natural flow, but it does show how production equipment could materially lift rates when the time comes.
Drilling campaign and studies – a clear plan to de-risk Topaz and Tunu
Pulsar has moved to scale the programme. The company has signed a drilling contract and Master Services Agreement with Timberline Drilling Inc. to drill up to ten wells, with spud of the first well expected in late September 2025. If executed well, this is the kind of campaign that can convert flow-test success into a coherent field development story.
Meanwhile at Tunu in Greenland, Sproule-ERCE has been engaged to run a pre-feasibility study (PFS). A PFS is an early-stage engineering and economics study used to test project viability and underpin future decisions. It will give Pulsar a more robust technical and financial framework for Tunu as the story evolves.
Financial results for nine months to 30 June 2025 – what stood out
Pulsar remains pre-revenue, investing in the drill-bit and technical work. The nine-month net loss was $8,515,252, a marked improvement on the prior period’s $21,444,007 loss. Note that this period includes a non-cash gain on revaluation of warrant liability of $1,103,615, whereas the comparable period had a non-cash warrant loss of $12,371,353. Non-cash swings like these can materially affect the bottom line.
| Metric | Nine months to 30 Jun 2025 | Nine months to 30 Jun 2024 |
|---|---|---|
| Revenue | $Nil | $Nil |
| Net loss | $8,515,252 | $21,444,007 |
| Loss per share (basic and diluted) | $0.07 | $0.24 |
| Total assets | $1,878,670 | $2,303,843 |
| Total liabilities | $5,601,399 | $8,188,020 |
Where the money went – exploration-led spend
- Administration costs: $2,699,831, including non-cash share-based compensation of $382,512 and depreciation of $40,016.
- Exploration and evaluation: $6,461,866 tied to deepening Jetstream #1 and drilling Jetstream #2 at Topaz.
- Listing fees: $355,003 related to the AIM admission in October 2024.
- Non-cash gain on warrant liability revaluation: $1,103,615.
Cash, raises and facility – the liquidity picture
Cash at 30 June 2025 was $617,626, which is lean for an active drilling-led explorer. However, financing events bookend the period:
- On AIM admission (18 October 2024), total gross funding of £5 million was completed, including a £1.125 million cornerstone investment in August 2024.
- Two brokered private placement tranches closed on 9 January and 21 March 2025 for gross proceeds of $2,427,498, with participation from US investors including University Bancorp, Inc. (4.93% post-placing).
- In April 2025, Pulsar secured a $4,000,000 project finance facility from University Bancorp and drew $2,500,000 during the period. This implies $1,500,000 undrawn at that time.
- Post-period, on 29 August 2025, the company raised £3,720,100 gross via 16,174,338 new shares at £0.23. University Bancorp participated and now holds 4.99%.
Investors should note that at 30 June, liabilities of $5,601,399 exceeded assets of $1,878,670. That underlines the reliance on continued external funding until commercial sales begin.
Decoding the ops jargon in one minute
- PFS: Pre-feasibility study. Early engineering and economics to assess project viability and inform design.
- Choke: A valve that restricts flow at surface to control rate and pressure.
- WHP: Wellhead pressure. The pressure measured at the top of the well.
- Dry gas: Gas without produced formation water, typically simpler and cheaper to process.
- Compression: Mechanical assistance that increases drawdown to lift flow rates.
My take – why this update matters for Pulsar Helium
The bull points
- Material uplift in natural flow at Jetstream #1 under similar pressure conditions is a genuine operational win. It suggests the formation can deliver and that well interventions worked.
- Dry gas and rapid pressure recovery are both positives for continuity of flow and potential development simplicity.
- Compression pushing rates over 1.3 MMcf/d hints at scalable production with the right kit.
- Execution momentum: a drilling contract for up to ten wells from late September 2025 and a PFS underway at Tunu add structure and catalysts to the next 6-12 months.
- Financing access demonstrated, with a mix of equity, a $4.0 million facility, and further £3.72 million raised post-period.
The watch-outs
- No revenue yet, and cash at the period end was $617,626. While subsequent funding helps, the programme remains capital intensive.
- Balance sheet leverage at period end, with liabilities exceeding assets, raises the importance of disciplined spend and timely raises.
- Resource status remains early stage. The RNS notes no reserves assigned to date, and helium volume estimates carry significant uncertainty until further appraisal.
- Dilution risk persists, as seen with the August placement. That is typical for explorers, but worth tracking.
Key catalysts and what to watch next
- Drilling start in late September 2025 with Timberline Drilling Inc. – look for spud, drilling progress, and early test results.
- Further flow and pressure data from Jetstream #1 and Jetstream #2 – sustained natural rates and consistent reservoir behaviour would be supportive.
- Sproule-ERCE PFS outcomes at Tunu – clarity on technical viability and project economics.
- Funding cadence – utilisation of the project finance facility and any additional raises to support the multi-well campaign.
Bottom line
Operationally, Pulsar has delivered a meaningful improvement in flow performance at Topaz and lined up the rigs to try to scale that success. Financially, the company remains reliant on external capital, but has demonstrated access to both equity and debt-like facilities. If upcoming wells substantiate these flow rates across the structure and the PFS at Tunu adds optionality, Pulsar’s early-mover helium thesis gets much harder to ignore. As ever at this stage, execution and funding discipline are the twin levers to watch.
