Grand Gulf Releases 2023 Annual Report
- Sep 21, 2023
- 1 min read
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.