Grand Gulf Energy Ltd. provided an updated on Jesse#1A, its potentially company-making maiden pure-play helium well in the Red Helium Project. The Jesse#1A well received multiple well-head samples consistently in the range of 0.44% - 0.65% helium, after correcting for atmosphere in the samples. Carbon dioxide concentrations in the range 59% - 65% were significantly lower than pre-drill expectations of 85%, which is a material positive to the project economics, with the bulk of the remaining gas being nitrogen.

Bottomhole pressure gauges during the flow-back indicate a reservoir pressure of 2,280 pounds per square inch absolute, indicative of a well pressurised reservoir with reservoir gases flowing freely into the well when water was removed. Due to the formation water ingress, and the reservoir pressures being sub-hydrostatic, the well was unable to be stably flowed without using air lift or first removing the load water. The work-over rig has been de-mobilised to allow the technical team to develop the appropriate well design to enable gas production.

Planning and equipment resourcing is currently underway to re-enter and test the well, with a potential schedule that supports early to mid third quarter of 2022.