Grand Gulf Energy LTD. (GRGUF-OTCQB) (GGE-ASX)
an Australian listed pure play helium exploration company. The company is dual exchange listed and also trades on the American OTCQB venture market.
Grand Gulf Energy LTD (GRGUF) With the recent confirmed discovery of a large helium gas reserve, is on the cusp of a true company making project milestone. The Red Helium project is located in the American four-corners region in a prolific proven helium basin. The project consists of 29,000 acres leased in Utah, USA. Helium is a critical gas used in the scientific, industrial, aerospace, and medical fields and has recently come into a massive shortage. Multiple helium processing plants have gone offline in the U.S., as well as geo-political issues overseas. Recent spot prices of helium have been as high as $605/mcf.
In March of 2022 Grand Gulf Energy LTD proactively signed an offtake agreement with a producer to purchase their gas. With their wells approximately 20 miles from 2 helium processing plants, and direct access to a gathering pipeline. This will significantly reduce the delays going from flow test over to revenue production.
The Jesse 1A well was spudded in April 2022 and in June total depth was reached. An impressive 203 ft gas bearing column was confirmed with excellent 2300 PSI bottom hole pressure as well as Helium concentrations of .44%-.65%. This is on target with other producing wells in the area. Well production/engineering design is now under way and testing scheduled for late August. The second well of the 3 well drilling program is scheduled for Q3/Q4 of this year. Please visit their site below as well as links to get more details.
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