Grand Gulf Energy Identifies New Targets At Red Helium Project

Grand Gulf Energy Ltd (ASX: GGE) has identified three highly prospective deeper stacked potential helium reservoir targets at the Red Helium Project in Paradox Basin, Utah.

These targets were identified following a seismic, petrophysical, completion and production review of analogue helium fields.

The new targets will add significant helium upside to the already identified Mississippian Leadville dolomite (10.9 bcf) and Devonian McCracken sandstone (2.7 bcf) targets.

Potential for gas flowrate upside

Grand Gulf Managing Director Dane Lance said: “We’re thrilled to announce the addition of three under-explored, highly prospective additional deeper targets on top of the primary Leadville and McCracken targets.

“These targets provide the potential for both extra resource build and gas flowrate upside.”

Five targets to be tested

Lance said that the identified zones will be logged as a part of the original well plan and potentially tested for a modest additional cost.

The addition of the three targets takes the total zones to be tested in future well operations to five.

This provides a significant upside to the already geologically derisked primary Leadville and McCracken targets.

Red Helium Project

The Red Helium Project provides exposure to the burgeoning helium industry in a prolific proven helium-producing region – the Four Corners Area.

The area has 250,713 acres area of mutual interest (AMI) with over 29,000 acres leased by Grand Gulf.

Since its acquisition, the company has continued to mature the project, including establishing a resource of 12.7 bcf of helium.

Grand Gulf already has a helium offtake agreement with Paradox Resources LLC, a helium refiner and operator of the advanced Lisbon Valley helium plant.

 

 

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