Grand Gulf Energy (GGE) reported its Q2'24 results highlighting a Gas Sales & Processing Agreement (GSPA) that it secured with Green Natural Gas, enabling monetisation of successful wells into the Lisbon Helium Processing Plant. This facility, located 20 miles north of the Red Helium Project, offers helium liquefaction with 99.9995% purity (although the liquefier is not currently operational). GGE increased its working interest in the Red Helium Project by 5.5%, reaching 83%, with the potential to earn an additional 7.5% by contributing US$1.5mm to a third well. The Earp-1 and Jesse-3 wells are expected to spud in Q3/Q4’24, targeting proven gas reservoirs. Additionally, oil production at the Hensarling #1 well in the Desiree Field was sustained at pre-workover levels, with 3,485 barrels produced during the period. The company ended the quarter with a cash balance of only A$266k.
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