Grand Gulf Energy (GGE) released its annual report for fiscal year ended 30th Jun 2023. In the period, GGE increased its WI at the Red Helium Project to 77.5% through its JV Valence Resources, increasing the company's upside exposure from the project. Sproule confirmed a helium play at Jesse 1-A with over a 200ft of gross gas column and 101 ft of net pay. Furthermore, the McCracken target added 1.8bcf, taking prospective helium resource to 12.7bcf. The Jesse-2 well flowed at 0.9% helium and GGE secured an offtake agreement with Paradox Resources (in bankruptcy) to monetise the well. Lastly, the GGE expects to spud Jesse-3 in Q4'23. The company ended the year with a net loss of A$1.85mm, cash position of A$1.2mm and total assets worth A$23mm.
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