08:29 AM EDT, 05/23/2024 (MT Newswires) -- Pulsar Helium ( PSRHF ) said on Thursday that the new helium legislation passed by the state of Minnesota will provide the company with regulatory certainty to advance its Topaz helium project.

The new legislation, which came into effect May 22 after being signed into law by the governor, allows the state to issue leases for exploration and production of non-hydrocarbon gases including helium on state lands. Prior to this, the state could only issue leases on mineral rights that are privately held.

Pulsar said it has already filed an application for new leases in areas of interest for helium and hydrogen, while noting that all its existing leases are with private entities.

By Jan. 15, 2025, the Minnesota Department of Natural Resources commissioner must submit recommendations to the relevant legislative committees for statutory and policy changes to facilitate exploration and production of non-hydrocarbon gases and support temporary permits for gas exploration and production, Pulsar said.

"The new legislation gives Pulsar certainty moving forward, creating a clear regulatory pathway for us to take Topaz to production," President and CEO Thomas Abraham-James said. "As a result, we are now planning to accelerate our works at Topaz and expand our footprint in Minnesota."

The company's share price rose nearly 7% to $1.25 yesterday.