Pulsar reported it has finished drilling Jetstream 7 at the Topaz Helium Project in Minnesota and completed down-hole logging, with the logging crew moving to Jetstream 6 next. The company also moved the rig to Jetstream 5 to retrieve a stuck drill string, then plans to start flow and pressure build-up tests across the field in late March or early April. All seven appraisal wells have intersected pressurized gas. That is a clean operational run, but grade, deliverability, and contaminant levels from flow tests will determine whether Topaz advances from an intriguing geologic system to a viable project.
Jetstream 7 reached a total depth of 2,979 feet on March 10 and encountered gas at about 2,107 feet with a preliminary bottom-hole pressure of roughly 953 psi during drilling. Down-hole logging, including a microimager tool, wrapped up March 17, giving Pulsar a fuller view of the rock fabric, porosity, and fracture intensity across the gas-bearing intervals. The company says logging on Jetstream 6 will begin shortly and that it will prepare Jetstream 5 for logging and testing after recovering or bypassing the stuck pipe. Separately, processing of the new 2D seismic data is complete and ready for interpretation, which should help refine structural closures and target selection for future appraisal.
The most tangible reservoir clue so far is pressure. At 2,107 feet, 953 psi translates to roughly 0.45 psi per foot. For context, a fresh-water hydrostatic gradient is about 0.433 psi per foot. That puts Topaz near hydrostatic to slightly above it at the depth of the reported gas encounter. A modestly elevated gradient can still reflect an effective seal and a relatively closed, charged system. The observed gas influx during drilling is also consistent with mobile gas and some permeability. Still, describing the reservoir as strongly overpressured would be a stretch based on these early numbers alone. The critical work now is pressure transient testing. Build-up and drawdown data can yield permeability-thickness and skin, which are make-or-break inputs for forecasting sustainable rates and connected volume.
Helium content drives revenue per thousand cubic feet, so composition matters as much as flow. The field’s headline metric remains Jetstream 1, where Pulsar reported helium concentrations up to 13.8 percent, an exceptional grade by global standards. That is a high bar and a positive data point, but investors should avoid extrapolating it across the structure. Helium systems often show lateral and vertical variability in both concentration and contaminants. Flow testing should deliver representative gas samples from each well to establish helium fraction and the balance of nitrogen, carbon dioxide, and hydrocarbons. Processing route and plant size depend on that mix. High nitrogen streams often need pressure swing adsorption or cryogenic separation; significant CO2 adds amine treating and increases operating cost. Even with strong grades, small-scale helium plants can be capital intensive and power hungry. Netbacks will hinge on stable helium percentage, sufficient rate to justify modular plant sizing, and impurity levels that do not force bespoke, high-cost processing.
With 2D seismic now processed, the next step is structural interpretation. The key questions are trap geometry, fault seal behavior, and compartmentalization. Helium is generated by the decay of uranium and thorium in basement rocks, then migrates upward along fractures and faults until it encounters a seal. In Minnesota’s Proterozoic terrane northeast of Duluth, the geologic recipe could pair fractured crystalline or volcanic units as reservoirs with tight volcanic or fine-grained sequences as seals. The microimager logs will help map natural fractures and bedding, guide net reservoir estimates, and illuminate whether the system is dominated by discrete fracture networks or more diffuse porosity. A continuous, laterally extensive seal with structural closure would support scale; pervasive open fracturing without sealing elements could deliver initial rates but poor pressure maintenance and limited recoverable volumes.
The campaign’s one operational blemish is the need to retrieve or bypass a drill string stuck in Jetstream 5. Fishing jobs are routine in drilling, but they add time, introduce mechanical risk, and can compromise the wellbore if not managed carefully. Pulsar’s plan to complete standard recovery operations, then demobilize the rig and prepare the well for logging and tests, is a sensible sequence. The near-term cost is schedule slippage. The bigger risk would be if the wellbore cannot be conditioned for high-quality logs or clean flow tests. Investors should watch how quickly the team resolves the fish and whether test timing drifts, because consistent execution across multiple wells is essential for building a reliable reservoir model.
Pulsar closed a placing in February to fund ongoing appraisal and early development work. That covers logging, seismic, flow testing, and preliminary facilities scoping. Moving from a successful test program to first gas sales will require more capital. Even modest helium plants with pretreatment can run to tens of millions of dollars, depending on throughput, gas composition, and technology choice. The good news is Topaz sits near existing roads and the Voyageur Highway, easing logistics. Minnesota offers a stable rule of law for permitting and operations. The trade-off is that, unlike mature helium basins with shared infrastructure, Topaz will likely need a fit-for-purpose plant and site power. Expect the company to pursue offtake agreements, prepayments, or strategic partnerships to reduce equity dilution. Without those, a larger raise to fund facilities is probable if the tests are positive.
Pulsar has reported helium 3 in Jetstream 1 at parts-per-billion levels. Helium 3 is valuable for niche applications in quantum technologies and neutron detection, but there is no commercial-scale separation deployed in the upstream helium industry today. Extracting He 3 at meaningful yields requires specialized cryogenic and isotopic separation that adds complexity and cost. For now, treat He 3 as an option on future technology or a premium that could be realized if a He 4 project is already running and the gas stream lends itself to additional separation steps. It should not be a base-case driver for valuation or funding decisions in 2026.
The investment case shifts from drilling headlines to measured data in the next four to eight weeks. The high-impact read-throughs are stabilized flow rates by well, helium percentage and impurity profile from representative samples, and pressure build-ups that yield permeability-thickness and reservoir connectivity. From the logs, look for net pay estimates, fracture density, and any evidence of vertical barriers or baffles. From the seismic, look for a coherent structural closure and definition of fault panels that could affect drainage. Red flags include low deliverability despite pressure, high CO2 or water production that complicates treating, material pressure decline during short tests, and any further operational issues that delay the multiwell program. On the commercial side, visibility on offtake terms, indicative plant design, and a funding plan will set expectations for an economic study targeted for mid-2026. The geologic story is strong; the business now depends on flow, composition, and capital discipline.
