Grand Gulf Energy Approved for third drill location in Utah as Jesse-2 approaches reservoir
- Grand Gulf Energy (GGE) receives approval to drill a third location at its Red Helium project in the Paradox Basin of Utah
- The company is preparing for its Jesse-2 well to penetrate the top of the Leadville formation next week
- With the new drilling permit in hand, GGE says it would be able move ahead with a follow-on development well if Jesse-2 proves to be successful
- So far at Jesse-2, compositional analysis of mud gas returns identified multiple zones with helium concentrations 17 times above background levels
- GGE shares last traded at 2.3 cents on April 5
