Pulsar Helium (PLSR.V) has acquired approximately 1,360 acres of surface land in Lake County, Minnesota, located within its flagship Topaz Project, the company said on Friday.
The surface land was purchased in an arm's length transaction from Wolf Lands Inc. for total cash consideration of US$2.48 million to be satisfied through the company's existing cash resources, said the company.
The newly acquired land lies within the mineral rights that the company holds under lease from a separate private owner, and the area includes the location of the company's Jetstream #7 (JS#7) well, added the company.
The acquisition forms part of Pulsar's "broader push toward production readiness at Topaz", said the company and added that it recently concluded its Jetstream exploration and appraisal program, with all wells drilled to date having encountered gas under high pressure and is now obtaining quotes for the drilling of up to four new production wells to supplement two production-ready wells already drilled.
"This Acquisition, driven by our intention to develop Topaz into a significant primary helium producer, builds on growing momentum at the project as we move decisively toward production readiness," said Thomas Abraham-James, CEO of Pulsar. "It also follows recent legislative progress updating Minnesota's permitting framework for helium extraction. With a clearer pathway now emerging toward future production, securing ownership of the surface land overlying our leased mineral rights, including the site of our Jetstream #7 well, provides Pulsar with increased operational control and long-term development certainty as we continue advancing Topaz toward production."