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  • Grand Gulf Energy (GGE) confirms helium at the Jesse#1A well within the Red Helium Project in the Paradox Basin, Utah
  • Multiple well head samples have confirmed helium concentrations up to 0.65 per cent helium, indicating the presence of a working helium reservoir
  • Bottomhole pressure gauges during the flow-back indicated a reservoir pressure of 2280 pounds per square inch absolute
  • The work-over rig has been de-mobilised to allow the technical team to develop the appropriate well design to allow gas production
  • GGE shares are up 21.7 per cent and trading at 2.8 cents at 12:56 pm AEST

Grand Gulf Energy (GGE) has confirmed helium at the Jesse#1A well within the Red Helium Project in the Paradox Basin, Utah.

Multiple well head samples have confirmed helium concentrations up to 0.65 per cent helium, indicating the presence of a working helium reservoir.

Bottomhole pressure gauges during the flow-back indicated a reservoir pressure of 2280 pounds per square inch absolute.

Grand Gulf said the work-over rig has been de-mobilised to allow the technical team to develop the appropriate well design to allow gas production.

Planning and equipment resourcing is currently underway to re-enter and test the well.

“Helium grades above expectation and the identification of a working helium reservoir at
appreciable pressure confirm a helium discovery at the Red Helium Project,” Managing Director Dane Lance said.

“Jesse#1A is essentially a wildcat well in a new prospect and the company is thrilled with the outcome and looks forward to the design and implementation of a well configuration that will potentially facilitate the flow of raw gas to surface.”

On the market, GGE shares were up 21.7 per cent and trading at 2.8 cents at 12:56 pm AEST.

GGE by the numbers
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