Mr. Thomas Abraham-James reports

PULSAR ANNOUNCES HELIUM FLOWING TO SURFACE AT JETSTREAM #1 IN MINNESOTA

Pulsar Helium Inc. has completed logging, completion and flow testing activities at the Jetstream No. 1 appraisal well at its flagship Topaz helium project safely and on time. A summary of the results is as follows:

• Helium and associated gases flowed to surface naturally in a free gas phase;
• Flow testing after cleanup recorded a maximum rate of 821 Mcf/d (thousand cubic feet per day);
• New laboratory results from produced gas confirm concentrations between 8.7 per cent and 14.5 per cent helium;
• CO2 (carbon dioxide) concentrations exceeding 70 per cent have the potential to contribute to project economics;
• Vertical seismic profile (VSP) and wireline optical televiewer data were collected;
• In-fill airborne gravity gradiometry (AGG) survey flown.

Thomas Abraham-James, Pulsar's president and chief executive officer, stated: "The results of the Jetstream No. 1 flow test and laboratory analysis confirm a major new helium discovery, putting Topaz in the top tier of global primary helium projects. The comprehensive dataset acquired will give the company the assurance it needs to fast track activities and realize Topaz's commercial potential. The data will be analyzed by Sproule for their updated resource estimate, along with recommendations for future appraisal and development planning at Topaz. This is the first dedicated helium well drilled in Minnesota, and all data gathered indicates that this is not an isolated occurrence, with the helium-bearing zone likely to extend laterally and at depth."

Proposed future work

The Jetstream No. 1 appraisal well was designed to replicate the original 2011 discovery at LOD-6. This was successful and the existing seismic data suggest that the helium-bearing zone persists at depth, up to an additional kilometre (3,281 feet). Future work programs are proposed to consist of deepening Jetstream No. 1 to assess this potential, in conjunction with drilling a nearby stepout well and conducting a 3-D seismic survey to define the structural extent of the resource.

Flow testing

Completion and initial flow testing activities have been finalized at the Jetstream No. 1 appraisal well. The flow test program included five flow tests of both natural flow and under wellhead compression from the open-hole section of the well (between 503 m and 671 m (1,650 feet to 2,200 feet) depth). Each test lasted approximately six hours in duration, with pressure build-ups of 18 hours between natural flow tests and approximately six days until the start of the compression tests.

The flow test with well site compression reached a maximum absolute open flow of 821 Mcf/d at a flowing tubing head pressure of 20 psi (pounds per square inch) on a one-inch choke. Results during natural flow climbed to a peak of 150 Mcf/d with 34 psi flowing tubing head pressure on a one-inch choke, with the rate still on incline at the six-hour shut-in mark. Step rate and choked tests were also acquired to help understand reservoir production parameters, which will be announced in due course.

Following well tests, tubing head pressure built up rapidly to near preflow conditions. There was evidence of introduced drilling fluid interference during the testing process, specifically in follow-up flows. Preliminary analysis indicates this is easily mitigated until these fluids are recovered during an early production cleanup flow period.

Laboratory analysis

Gas samples were collected throughout the flow testing operations and were distributed to Isotech Laboratory, the Woods Hole Oceanographic Institute and Caltech Noble Gas Lab. The results from Isotech have been received with up to 14.5 per cent helium measured, prior to any atmospheric contamination correction. An average of 9.9 per cent helium was derived across 21 samples. Associated major gases include CO2 content of up to 71 per cent, nitrogen up to 24 per cent and hydrocarbons constituting less than 5 per cent of the total gas content. Gas isotope analysis will take place later in June for detailed gas chemistry investigation.

Resource update

All data obtained from the Jetstream No. 1 well, in conjunction with seismic, gravity and magnetic data, are being assessed by Sproule International Ltd. for an updated resource estimate to the Topaz project, contingent and prospective resource calculations. Further updates on this will be provided in due course.

Logging/data acquisition

Data acquired during the recent activities include both downhole and broader site data, as follows:

• An optical televiewer was run through the open hole portion of the Jetstream No. 1 by Inner Earth Technologies. Preliminary interpretation of the high-resolution image data confirms a series of fractures within the open-hole section of the well across a 19-metre (62-foot) gross interval.
• A downhole vertical seismic profile was acquired at Jetstream No. 1 by Baker Hughes and its partner SAExploration. The VSP gathers data on acoustic rock properties and provides a seismic image at the well location for depth correlation to future seismic imaging. In conjunction with the VSP, SAExploration conducted a series of seismic sweeps in the vicinity of Jetstream No. 1 to facilitate the design of future seismic acquisition.
• Xcalibur MPH (Canada) Ltd. acquired an in-fill Falcon airborne gravity gradiometry and magnetic survey over the Topaz project area in May. The survey increases the data density for the Falcon survey acquired in 2022 to provide a higher-resolution dataset to enhance the subsurface imaging.

The company will provide a further update on independent evaluations of the Jetstream No. 1 well data as additional material information is received. Data acquired during the past three weeks will assist with understanding of the Topaz resource, future potential production performance, facility design and regional work program planning.

About Pulsar Helium Inc.

Pulsar Helium is a publicly traded company listed on the TSX Venture Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, United States, that has been drilled and flowed up to 14.5 per cent helium, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations, with primary helium occurrences not associated with the production of hydrocarbons identified at each.

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