Pulsar Helium Inc, a Canadian-based helium exploration company, announced on Monday the competition of ‘key’ site improvements of their Topaz project in Minnesota.

According to Pulsar Helium ’s findings earlier this year, Topaz could be the largest reserve of helium in North America. The company says the competition of works paves ‘the way for a step forward in the company’s helium exploration and production strategy’.

The new updates of the site allow the company to deepen the Jetstream No. 1 well by a further 500 metres. Pulsar Helium also has announced Capstar Drilling as their new partner to work on the well and and reach the full height of the helium reservoir.

Pulsar Helium has not yet met the target depth of the well, but ‘hopes to build on this during the deeper drilling phase’. The company however added that helium has flowed in ‘concentrations that are considered very high by global standards, significantly surpassing the commonly accepted economic viability threshold’.

The Topaz project is fully owned by Pulsar Helium, and it expects to fulfil its target of starting drilling operations this quarter. Pulsar said the competition of roadwork as part of the site’s improvements will allow access and drilling in all weather continents, and expects an increase of traffic levels in the winter operational period.

Chief Executive Officer Thomas Abraham-James said: ‘We’ve seen other projects achieve significant gains in resource size and flow rates through similar deepening efforts, and combined with our data, and our existing high concentration credentials, we believe Jetstream No. 1 can stand as a top-tier helium production site worldwide.’

The London-listed stock was down 1.8% to 27.50 pence on Monday afternoon.

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