Grand Gulf Energy Ltd (ASX: GGE, OTCQB: GRGUF) ('Grand Gulf' or the 'Company') is pleased to advise that it's majority owned incorporated joint venture company Valence Resources LLC ('Valence'), operator of the Red Helium project, has signed a Surface Land Use Agreement ('SLUA') with the private landowner of the Jesse-3 surface location.

The SLUA allows for easement and construction of the Jesse-3 well-pad and the minimal well-head facilities required to tie into the adjacent pipeline connected to the Lisbon Valley helium plant. The Company has recently evaluated readily available pre-used production equipment which has the potential to significantly reduce the already modest Capex required for first production and accelerate the time-frame to within six months. The Company is in advanced negotiations with multiple Drilling Rig contractors and long lead equipment suppliers indicating rig and long lead item availability to support a Q4 2023 Jesse-3 spud.

Indicative Proposal to Farm-in to the Red Helium Project

The Company has received a non-binding indicative proposal from a US-based independent oil and gas company to farm-in to the Red Helium Project. The proposed farm-in is subject to completion of further negotiation, technical, legal and commercial due diligence by both parties, approvals and agreements by requisite regulators. The Company is continuing farm-in discussions, however there is no guarantee that these discussions will result in any form transaction or binding farm-in agreement. The Company will keep the market informed as to the outcome of farm-in negotiations.

Contact:

Dane Lance

Email: info@grandgulfenergy.com

About Grand Gulf Energy

Grand Gulf Energy Ltd (ASX:GGE, OTCQB:GRGUF) is an independent exploration and production company, headquartered in Australia, with operations in the US. The pure-play Red Helium project targets a 12.7bcf gross unrisked prospective helium resource, and is located in the Paradox Basin, Utah, in the helium prolific Four Corners region. The project contains the Jesse helium discovery with 1% helium. For further information please visit the Company's website at www.grandgulfenergy.com

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