Grand Gulf Energy's (GGE) Q2’23 update highlights advancements in its helium exploration endeavours. Blade Energy Partners' independent review confirms the potential for helium flow of >5 mmcf/d at the Upper Leadville in the Jesse-1A well, with the possibility of a low-cost workover yielding substantial value. The Jesse-2 well extends the helium discovery, flowing 0.9% helium to the surface, demonstrating its prevalence throughout the project. Moreover, the bonus McCracken target adds 1.8 bcf to the prospective helium resource, bringing the gross P50 total, including the Mississippian Leadville, to 12.7 bcf. GGE also increased its working interest in Valence Resources to 77.5%, which operates the Red Helium project. GGE entered into a Strategic Alliance and Helium Offtake Agreement with helium refiner and seller Paradox, which is currently in Chapter 11 bankcruptcy. Preparations for Jesse-3 are advanced and currently subject to permitting with a planned Jesse-3 Q3/Q4 2023 spud date. GGE ended the quarter with a cash balance of just A$1.2mm. GGE will not undertake the drilling of Jesse#3 until such time that it has adequate cash resources to do so. GGE can meet its debts as and when they fall due and is currently contemplating the most suitable mechanism to secure adequate funds to undertake further operations.
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