GGE FY 2024 Annual Report
- Sep 26, 2024
- 1 min read
During FY 2024 (YE Jun'24), Grand Gulf Energy (GGE) secured a helium offtake agreement with Green Natural Gas for helium processing at the Lisbon Plant, enhancing monetisation potential from its Red Helium Project. The company received drilling approval for Jesse-3 and identified additional deeper helium reservoirs, increasing the scale of the project. GGE's working interest in Red Helium has grown to 83%, with further drilling planned. The Jesse-1A well demonstrated helium flows of 1mmcf/d, and future engineering will focus on stimulation and water isolation for improved production rates. The annual report also highlighted GGE's unrisked prospective helium resource size which has a 2U potential of up to 7.9bcf (net to GGE). The company ended the year with a net loss of A$1.8mm, cash position of A$270k, and total assets of A$24mm.
