GGE Secures AU$3.2 Million Placement to Advance Jesse Development

Grand Gulf Energy Ltd (ASX: GGE) has secured firm commitments for a placement, successfully raising AU$3.2 million before expenses. This placement received substantial support from new and existing professional and sophisticated investors, significantly bolstering Grand Gulf's financial position. This financial boost enables the company to advance its Jesse discovery.

Within the Red Helium project, Grand Gulf is actively pursuing high-potential opportunities:

• Jesse-3, scheduled for Q4 2023, targets a structural high near the productive Redd-1 site.
• Plans for Jesse-1A's completion and testing aim to facilitate future cost-effective production tie-ins.
• Evaluation of options for stimulation, remediation, and flow-testing for Jesse-2 continues.
• The company is exploring a 3D seismic program to expedite full-field Jesse development, potentially exceeding 20 wells, inspired by geological similarities with the nearby Doe Canyon helium field.

In essence, the successful capital placement enhances Grand Gulf Energy's financial strength to vigorously pursue promising initiatives within the Red Helium project, particularly the Jesse discovery.

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