Pulsar Helium Inc. (TSX-V: PLSR): Jetstream #4 – 2nd well with high pressure
• Jetstream #4 has penetrated the entire interpreted helium-bearing interval encountering pressurized gas during drilling. Bottom-hole pressure measured ~674 psi at 444 m depth, rising to 887 psi at 578 m.• These measurements align with the pressure regime observed at Jetstream #3, located 600 m to the north, where bottom-hole pressure was estimated at ~960 psi at 661 m depth.
• The elevated pressures are highly encouraging, indicating the potential for materially higher flow rates and improved recovery compared to earlier wells Jetstream #1 and #2.
• Pulsar will now conduct a comprehensive evaluation program on Jetstream #3 and #4 in parallel. This will include open-hole wireline logging, flow testing, and pressure build-up analysis, complemented by laboratory testing of core and gas samples to determine gas composition and helium content (including Helium-3).
• Pulsar will proceed with drilling Jetstream #5, located 2.9 km northeast of Jetstream #1. The well is planned to reach a target depth of 1,524 m—deeper than Jetstream #3 and #4—reflecting its role as a larger step-out designed to test the possibility of dipping fracture systems.
• We maintain our target price of £0.80 per share.
Valuation
Our unrisked NAV for Pulsar is £2.10/sh with a ReNAV of £0.77/sh.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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