Join our daily newsletter At The Bell to receive exclusive market insights
- Grand Gulf Energy (GGE) records helium concentrations up to 0.65 per cent in the Jesse 1A discovery well within its Red helium project in Utah
- The results were consistent with modelling and reservoir pressures at the nearby Doe Canyon Helium Field, with a bottom-hole pressure of 2280 pounds per square inch
- This data will be used to enhance the company’s understanding of the reservoir and optimise production from Jesse 1A and future project wells
- Grand Gulf plans to undertake another helium exploration well in either this quarter or quarter four
- Shares are trading 3.85 per cent lower today at 2.5 cents each at 11:05 am AEST.
Grand Gulf Energy (GGE) has recorded helium concentrations up to 0.65 per cent in the Jesse 1A discovery well within its Red helium project in Utah.
The results were consistent with modelling and reservoir pressures at the nearby Doe Canyon Helium Field, with a bottom-hole pressure of 2280 pounds per square inch.
The company has organised a work-over rig to flow-test several individual zones within the Jesse 1A well-bore.
It said the drill stem test will determine gas flow rates and potential, obtain representative raw gas samples and ascertain helium concentrations.
This data will be used to enhance the company’s understanding of the reservoir and optimise production for Jesse 1A and future project wells if successful.
Grand Gulf has planned to undertake another helium exploration well in either this quarter or the next.
Shares were trading 3.85 per cent lower today at 2.5 cents each at 11:05 am AEST.
