- 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.