GGE provided updates on the Red Helium Project and the Desiree Field. In early December, the company announced its maiden helium gross unrisked prospective resource of 10.9bcf, which is expected to grow as leasing continues. The Company acquired an additional 30% interest in Valence Resources LLC increasing its interest in the Project to 55% with a right to earn 85%. On 18 November, Grand Gulf increased its acreage position to 27,303 acres and subsequently to over 29,000 acres within the AMI. Optimal well site selected and permitting commenced for the maiden helium well, Jesse #1, which is expected to be completed in under 3 months.
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