Pulsar Helium is about to start drilling on the Topaz helium discovery which will deepen the original well by a further 500 m. This should prove up the full depth of the helium charged reservoir and should allow the group to grow its reserve and resource base. Pulsar has recently announced an agreement with Chart Industries which gives it access to the required gas processing equipment. All this is exciting and, assuming the well is successful, should move this discovery closer to development. We maintain our target price of 63.3p/share but acknowledge that a successful outcome will greatly reduce risks for investors allowing for further upside.