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Grand Gulf Share Price Falls Sharply on Jesse#1A Well Result

Grand Gulf Energy's share price fell over 40% last week following results from the Jesse#1A well. Although the well proved up a 0.8% helium concentration, which was 40% above what had been previously measured, GGE was not able to successfully flow test the well, which is what the market appeared to react to. GGE said the results demonstrated a 101ft of net pay in a productive and strongly pressured reservoir at 2,465 psi, on trend with the adjacent Doe Canyon analogue helium field. Both reservoir-gas and water were produced throughout the flow tests, with inability to isolate water ingress from the lower zone of the wellbore leading to suspension of operations. Grand Gulf's second helium well is planned for Q4'22 with permits for three Jesse development wells is now in progress.

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