GRAND GULF ENERGY LIMITED Jesse Discovery The forthcoming drilling of the Jesse-2 well follows the highly encouraging Jesse discovery (Jesse1A well) which included a >200 foot logged gross gas column (with 101 feet of independently audited net pay) and exceptional helium concentrations of up to 1% returned to surface, exceeding pre-drill expectation1. The Jesse-1A well also encountered a productive and strongly pressured reservoir at 2,465 psi
Jesse-2 Location
Jesse-2 is located 1.5 miles east-south-east of the Jesse-1A discovery well and was selected as the best of three mature prioritised locations on the Jesse structure. The locations were derived from an extensive review of data from six historic wells and Jesse-1A including calibrated 2D seismic to target a structural high location on the Jesse feature to maximise the thickness of the gas pay zone
Managing Director Dane Lance Commented: 'With the highly encouraging results from Jesse-1A, including a helium grade of 1% greatly exceeding pre-drill expectation, the Company is excited to be back in the field for Jesse-2. The Jesse-2 well engineering has incorporated the lessons learned from the evaluation program on the maiden helium exploration well to minimise risk of water production by staying high in the column. Coupled with the managed pressure drilling program to maximise well deliverability, which also allows preliminary flow evaluation whilst drilling, the drilling of Jesse-2 in Q1 2023 will be an exciting period for the Company. The compelling fundamental commercial pillars of the
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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.
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