Grand Gulf (GGE) received independent confirmation from Sproule validating the methodology used by the company to estimate prospective resources at its Red Helium Project in the Paradox Basin. An assessment of the McCracken formation has generated a gross P50 helium Prospective Resource of 1.1 bcf net to GGE. GGE believes the McCracken formation is de-risked by the historic Redd-1 well drilled on the Jesse structure with logged gas filled sands. The company plans to evaluate the formation at optimal well locations, thereby reducing risks associated with the primary target, the Leadville formation. With the potential for immediate monetisation and minimal capital expenditure, the McCracken sandstone represents a cost-effective secondary target that holds promising prospects for the overall project.
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