Grand Gulf Energy (ASX: $GGE) December 2023 Quarterly Report Highlights

Grand Gulf Energy Limited (ASX: $GGE) has reported significant progress in its activities during the December 2023 quarter. The company's Jesse-1A well flowed helium gas to surface at a material raw gas rate of 1 million cubic feet per day, demonstrating reservoir quality with measured helium concentrations trending up from 0.78% to 1%. Additionally, Halliburton has been engaged to design and optimize completion and stimulation activities at the Jesse helium prospect, and a leading North American upstream oil and gas consultancy, Walsh Engineering LLC, has been appointed to provide drilling, completion, stimulation, engineering, and wellsite management support for its forthcoming Jesse development program. Furthermore, the Hensarling #1 well at Desiree Field produced a total of 4,393 barrels of oil and 1,762 barrels of working interest oil to GGE, with production returning to pre-workover levels.

Executive Commentary on December 2023 Quarterly Report

The company is pleased to report the positive flow-test results from the Jesse-1A well, demonstrating the quality of the reservoir and the presence of helium gas. The engagement of Halliburton to optimize completion and stimulation activities at the Jesse helium prospect reflects our commitment to maximizing the potential of our helium project. Additionally, the appointment of Walsh Engineering LLC, with their extensive experience in the Four Corners area, signifies our dedication to ensuring the success of our forthcoming Jesse development program. The return of production to pre-workover levels at the Desiree Field further highlights our operational achievements during the quarter.

Summary of December 2023 Quarterly Report

Grand Gulf Energy's December 2023 quarterly report showcases significant advancements in its helium project, with the successful flow-testing of the Jesse-1A well and the engagement of industry leaders such as Halliburton and Walsh Engineering LLC. The company's oil production at Desiree Field has returned to pre-workover levels, indicating operational stability. The Red Helium Project continues to show promise, with prospective gross project unrisked P50 helium resource evaluation of 12.7 billion cubic feet of helium and the execution of a binding offtake agreement with Lisbon Valley helium plant refiner and seller Paradox Resources LLC. Grand Gulf Energy remains focused on optimizing its lease position and assessing potential strategic helium acquisitions to further enhance its position in the helium industry.