Grand Gulf Raises A$2.5 mm for its Red Helium Project

Grand Gulf Energy has raised A$2.5mm through a placement of 113.6mm new shares at A$0.022/sh plus 85mm options, to provide working capital to optimise and accelerate the completion and development of Jesse-2 including long lead production equipment, subject to the success of Jesse-2 at the Red Helium Project in Utah. The well is currently drilling ahead, on schedule with managed pressure drilling and monitoring of reservoir gas flow and gas compositional analysis using mass spectrometry. We expect the well to reach TD in around a week. The Jesse#1A well, which proved up a 0.8% helium concentration was not able to successfully flow tested as GGE was unable to isolate water ingress from the lower zone of the wellbore.

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