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Grand Gulf gets Go-Ahead to Spud Jesse-2 Well, Utah

Grand Gulf Energy (GGE) is set to spud its Jesse-2 well in Utah, with the drill permit now in hand. The company received approval of the Permit to Drill from the Utah Division of Oil, Gas and Mining (UDOGM) for the well within its wider Red Helium project. Drilling has been scheduled for early Q1'23, with multiple rig operators indicating availability during this time. Grand Gulf Energy's share price fell over 40% 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.

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