Grand Gulf Approved for 3rd Drill Location; Helium Shows in Jesse-2

Grand Gulf Energy received approval to drill a third location at its Red Helium project in the Paradox Basin of Utah. The company is preparing for its Jesse-2 well to penetrate the top of the Leadville formation this week. With the new drilling permit in hand, Grand Gulf says it would be able move ahead with a follow-on development well if Jesse-2 proves to be successful. So far at Jesse-2, compositional analysis of mud gas returns identified multiple zones with helium concentrations 17 times above background levels.

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