The Placement was well supported by a number of new and existing professional and sophisticated investors and provides Grand Gulf with a strong cash balance for continued advancement of the Jesse discovery. The Company continues to progress a series of high-graded opportunities at the Red Helium project including:
Jesse-3 new-drill planned for Q4 2023 targeting a structural high on seismic and proximal to the historic Redd-1 with proven gas/reservoir. Jesse-1A completion and testing programme planned to enable future production tie-in for a modest cost. Ongoing evaluation of stimulation/remediation and full flow-testing options for Jesse-2. Evaluation of a 3D seismic programme at the Red Helium project to accelerate a full-field Jesse development which could exceed 20 wells based on the giant
Managing Director
With our first two exploration and appraisal wells both flowing helium to surface and proving helium is pervasive across the Jesse discovery at a commercial grade, we look forward to being back in the field in what could be a potentially transformative fourth quarter for the Company and our shareholders. A binding offtake agreement and an existing pipeline connected to the
Placement details
The Placement to professional and sophisticated investors is to be conducted via 2 tranches. A total of 400,000,000 new shares ('New Shares') are to be placed at an issue price of
Contact:
Email: info@grandgulfenergy.com
Forward Looking Statements
This 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
(C) 2023 Electronic News Publishing, source