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35 min ago 2 min read
Canadian helium exploration company Pulsar Helium has secured a three-year exploration option with US land management company Keweenaw Land Association (KLA), expanding its acreage in Michigan’s Upper Peninsula.
The exploration option, which Pulsar has named the Falcon Project, covers around 488,090 gross acres for exploration of non-hydrocarbon gases.
The Falcon Project combines new exploration and previous acreage acquired from Hybrid Hydrogen under one Michigan-based programme.
Pulsar will pay around $0.6m to retain the three-year option and expects to spend around $1m on exploration activities. The project covers non-hydrocarbon gases, including helium-4, helium-3, carbon dioxide, and hydrogen.
Exploration could include geological sampling, surveying, and drilling.
Pulsar expects to give up between 25% and 75% of the contract area by the end of year one, and an additional 25% by the end of year two. The company says this will allow it to focus on high-potential areas and avoid unnecessary lease fees.
The remaining acreage will be the core development area of the Falcon Project.
At any time during the three years, the company can choose up to 20,000 acres and sign a lease with KLA for non-hydrocarbon gas exploration.
The effort has been carried out via Pulsar Michigan. Pulsar acquired Pulsar Michigan – formerly US exploration firm Hybrid Hydrogen – in January, securing of land for $80,000 to establish a Michigan footprint.
Thomas Abraham-James, CEO of Pulsar, says this exploration will be the first time the region has seen activity for primary helium exploration.
