Grand Gulf Energy Ltd (ASX:GGE) ('Grand Gulf' or the 'Company') is pleased to announce the receipt of all required governmental approvals for the Jesse-3 well
Well engineering & design to unlock Red Helium project value and test deeper potential1 The Jesse-3 updated well design involves casing and perforating the entire basinal stratigraphic section, adding significant helium upside to the already identified Mississippian Leadville dolomite (10.9 bcf) and Devonian McCracken sandstone (1.8 bcf) targets2, with three sub-salt secondary targets identified.
In a success case, deeper helium reservoirs will be perforated and tested for a modest additional cost. The Company is also in the process of submitting a sundry application on the approved Earp-1 location to update the well design and engineering, including deepening of the well to test deeper pay below the Leadville primary target.
Jesse-3 / Earp-1: Up-dip twins of historical wells with proven gas Target Structural High and Potential Reservoir Quality through Well Control The selected Jesse-3 location3 is proximal (1,300 feet) to the historic Redd-1 well and positioned on a seismic high. The geological prognosis is for the top Leadville to be 40-foot high to the Redd1 well and 70-foot high to the Jesse-1A discovery well, which intersected a 200-foot gross gas column and 101-feet of net pay (independently audited).
The permitted Earp-1 well location is proximal (4,800 feet) and structurally 100-feet high to the Gulf Unit-2 well. Earp -1 targets a closure in the horstal region of the Red Helium project, elevated structurally over 500 feet higher than Jesse. Gulf Unit-2 has proven gas in the Leadville and McCracken, with the maximum intersection interpreted as gas bearing over a 900-foot gross zone, incorporating all deeper targets. Earp-1 is planned as an up-dip twin to Gulf Unit-2. As per the Company's June 2024 Quarterly Activities Report, Grand Gulf is engaged in discussions in relation to the potential farm-out of the Red Helium Project which would secure funding for drilling at the Red Helium Project in exchange for an interest in the Project.
Contact:
Dane Lance
Managing Director
Email: info@grandgulfenergy.com
About Grand Gulf Energy
Grand Gulf Energy Ltd (ASX:GGE) is an independent exploration and production company, headquartered in Australia, with operations and exploration in North America. The Red Helium project is a pure-play helium exploration project, located in Paradox Basin, Utah, in the prolific Four Corners region.
Cautionary Statement for Prospective Resource
Estimates With respect to the Prospective Resource estimates contained within this report, it should be noted that the estimated quantities of gas that may potentially be recovered by the future application of a development project relate to undiscovered accumulations. These estimates have an associated risk of discovery and risk of development. Further exploration and appraisal are required to determine the existence of a significant quantity of potentially moveable helium.
competent Person's Statement
The information in this report is based on information compiled or reviewed by Mr Keith Martens, Technical Director of Grand Gulf. Mr Martens is a qualified oil and gas geologist/geophysicist with over 45 years of Australian, North American, and other international executive oil and gas experience in both onshore and offshore environments. He has extensive experience of oil and gas exploration, appraisal, strategy development and reserve/resource estimation. Mr Martens has a BSc. (Dual Major) in geology and geophysics from The University of British Columbia, Vancouver, Canada.
Forward Looking Statements
eThis release may contain forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like 'anticipate', 'believe', 'intend', 'estimate', 'expect', 'may', 'plan', 'project', 'will', 'should', 'seek' and similar words or expressions containing same. These forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil, natural gas and helium reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to GGE, or any of its affiliates or persons acting on its behalf. Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
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