Pulsar Helium Strikes Gold as Minnesota Well Hits Three New High-Pressure Zones
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Pure-play helium economics beats natural gas by-product dependency.
THE CATALYST
Pulsar Helium hit three high-pressure gas zones at Minnesota Topaz, expanding the resource beyond initial projections.
THE MISUNDERSTANDING
The market treats all helium plays as natural gas by-products tied to LNG economics. Pulsar's Topaz is pure-play helium with extremely high concentrations. This creates processing cost advantages and margin independence from volatile natural gas pricing.
THE STRATEGY
Target PLSR on primary helium economics, not energy sector multiples. Watch flow test results and concentration data from new zones. Thesis breaks if helium concentrations disappoint or processing costs exceed projections.
DELBERT'S TAKE
When everyone's mining fool's gold, find the guy digging for actual gold.