Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2023contract award● Neutral
Drake Well Services work-over rig #34 was contracted for the Jesse-1A re-entry and flow-test, still on schedule for December 2023. Drake is based in Farmington, New Mexico and is Walsh project manager Kyle Mason's preferred contractor.
23 Nov 2023regulatory community update▲ Good
Utah's oil, gas and mining regulator approved the Jesse-1A re-entry programme on 22 November 2023. The plan is unchanged: isolate the lower Leadville and flow-test the upper Leadville, funded from existing cash.
22 Nov 2023drilling scheduled● Neutral
Walsh's review of Jesse-1A recommends a December 2023 re-entry to isolate the lower Leadville, which is now interpreted as potentially water-bearing, and flow-test the upper Leadville. Cost is called modest and met from existing funds. This continues the earlier water-ingress problem.
31 Oct 2023quarterly activities report● Neutral
Quarterly report for the period to September 2023 (text cut off before any cash figures). It recaps the Sage Potash heads of agreement (US$1m toward Jesse-3), the Jesse-3 land agreement, Walsh's appointment and the A$3.2m placement. No new results; Q4 2023 Jesse-3 spud still targeted.
30 Oct 2023contract award▲ Good
Halliburton was engaged to design the completion and acid stimulation programme for the Jesse-1A re-completion and Jesse-3. Jesse-1A cuttings are being tested. Follows Walsh's appointment; no new well result.
20 Oct 2023admin correction● Neutral
Grand Gulf corrected its 25 August statement: the 225m new options (exercisable at 2.5c, expiring October 2026) are to be ASX-quoted, not unlisted. Quotation applied for on 19 October. Broker options are 120m, and 5m go to S3 Consortium.
10 Oct 2023capital raising announcement● Neutral
Target market determination for the options offered under a 10 October 2023 prospectus, tied to the August placement. Offers cover 100m placement options, 120m lead manager options and 5m to S3 Consortium. Administrative document with no new financing.
10 Oct 2023contract award▲ Good
Walsh Engineering was engaged for drilling, completion and stimulation support on the Jesse programme, and has reviewed the Jesse-1A completion and Jesse-3 plans. Multiple rig bids have been received. Jesse-3 permit is still pending.
4 Oct 2023agm notice● Neutral
The AGM is set for 29 November 2023, with director nominations closing 11 October 2023. Notice of Meeting to follow later in October. Administrative only.
21 Sept 2023annual report● Neutral
Annual report for the year to 30 June 2023 shows a loss of A$2.28m (prior year A$18.7m). It recaps the pivot to helium, Jesse-2, the 77.5% interest and Jesse-3 planned for Q4. Directors say the group is in a sound financial position.
21 Sept 2023other● Neutral
Appendix 4G, a checklist pointing to where the governance disclosures sit; the statement is on the company website. Administrative filing with no new substance.
21 Sept 2023other● Neutral
Corporate governance statement accompanying the annual report. It notes the company has no employees and a three-man board with no women. Administrative disclosure with no new operational or financial news.
25 Aug 2023capital raising announcement● NeutralMajor
Grand Gulf raised A$3.2m via a placement of 400m shares at 0.8c, with one free option per four shares (2.5c, 3 years), to fund Jesse-3 and Jesse-1A work. Far below the 2.2c March placement. Tranche 2 (208m shares) needs shareholder approval.
What it means for a shareholder
400m new shares at A$0.008 to raise about A$3.2m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00746% to 0.00602% of the company. To keep it you'd need 29,846 more shares - about A$239 at the issue price.
Create a free account to see this worked out for your own holding.
25 Aug 2023other● Neutral
ASX notice that the trading suspension will lift once Grand Gulf releases its capital raising announcement. Administrative only, no new information.
24 Aug 2023other● Neutral
At Grand Gulf's request, ASX suspended its shares pending an announcement about a capital raising. The halt was due to last no later than the start of trading on 25 August 2023.
18 Aug 2023joint venture update▲ GoodMajor
Valence signed a Surface Land Use Agreement for the Jesse-3 well-pad, keeping the Q4 2023 spud on track. Grand Gulf also received a non-binding farm-in proposal from an unnamed US oil and gas company for Red Helium; no binding deal is guaranteed.
14 Aug 2023material agreement▲ GoodMajor
Valence signed a non-binding heads of agreement with TSX-V-listed Sage Potash. Sage would contribute the greater of US$1m or one third of shared costs to Jesse-3, in return for a potash core, with a 50/50 split on a later 3D seismic survey. It depends on due diligence and approvals.
8 Aug 2023admin correction▼ Bad
After discussions with ASX, Grand Gulf retracted the in-ground value in its 7 August presentation. ASX rules bar forecast financial information derived from prospective resources. Investors are told not to rely on that figure.
7 Aug 2023investor presentation● Neutral
August 2023 Red Helium presentation repeats known facts: 12.7 Bcf prospective resource, Jesse-1A re-completion in Q3/Q4 and Jesse-3 spud in Q4 2023. It also carried a US$6B in-ground value that Grand Gulf retracted the next day.
28 July 2023quarterly activities report● Neutral
June 2023 quarter report recaps the Blade review, Jesse-2 results, the McCracken resource lift to 12.7 BCF and the Jesse-3 Q3/Q4 plan, which still awaits a permit. No new operational results; cash figures are not shown in the text provided.
22 June 2023resource reserve update▲ GoodMajor
Sproule-reviewed estimate adds a McCracken gross P50 prospective helium resource of 1.8 BCF (1.3 BCF net to Valence), lifting the project total to 12.7 BCF from 10.9 BCF. These are unrisked, undiscovered volumes, with Jesse-3 positioned to test them.
8 June 2023drilling scheduled● Neutral
Jesse-3 location chosen on a seismic high 1,300 ft from the old Redd-1 well, potentially up to 70 ft higher than Jesse-1A, with McCracken Sandstone as a secondary target. Permit approval takes 60-70 days, so spud is planned for Q3/Q4 2023.
2 June 2023other▲ Good
Independent engineer Blade Energy Partners modelled Jesse-1A's upper Leadville as potentially flowing 5 MMscfd or more of raw gas after isolation and stimulation. A workover under US$1m is proposed after Jesse-3. This is modelling, not a flow test; it follows Jesse-1A's earlier water-ingress problem.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter report recaps Jesse-2's 192 ft gas column, the interest rise from 70% to 77.5%, Jesse-3 planning and the extended Paradox offtake. Desiree oil grossed 4,459 bo (50 bo/d), 1,789 bo net to Grand Gulf. Cash figures are not shown in the text provided.
24 Apr 2023drilling result● NeutralMajor
Jesse-2 reached total depth with a 192 ft gross gas column, flowing gas to surface at up to 0.9% helium with no water, confirming the Jesse discovery. But only 23 ft net pay and lower secondary porosity than Jesse-1A; well suspended. Valence interest rises to 77.5%.
13 Apr 2023drilling progress report● Neutral
Jesse-2 has cemented 7-inch casing across the roughly 1,900 ft Paradox salt into the top of the Leadville, on schedule. Drilling and testing of the primary Leadville target is next. No reservoir result yet.
11 Apr 2023drilling progress report▲ Good
Jesse-2 drilled through the roughly 1,900 ft Paradox salt and reached the top of the Leadville target, in line with prediction, with elevated helium shows throughout. It is now setting 7-inch casing before drilling and testing the Leadville. No reservoir result yet.
6 Apr 2023regulatory community update▲ Good
A third Jesse drill permit was approved by Utah regulators, allowing a follow-on development well if Jesse-2 succeeds. Helium shows in the salt section now reach about 71 times background. Reservoir entry is expected the following week.
3 Apr 2023drilling progress report▲ Good
Jesse-2 is drilling at 7,050 ft in the salt seal. Gas analysis shows several zones with helium above background, up to 15 times at 6,308 ft. The company says these are not commercial targets but suggest a working helium system.
29 Mar 2023drilling progress report● Neutral
Jesse-2 reached the top of the Paradox Formation salt seal at 5,928 ft, in line with the geological prediction. The rig is tripping to change the drilling assembly before drilling on towards the Leadville target. Drilling is described as on schedule.
