7 Nov 2022drilling scheduled▲ Good
Jesse#2 location finalised 1.5 miles south-east of Jesse#1A, for drilling in Q4 2022. It will stop at least 50 feet above the gas/water contact to limit water ingress. A third well is planned for early 2023.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Oct 2022drilling result▲ Good
Downhole gas samples from Jesse#1A returned 0.89-0.96% helium, above the 0.8% announced in September and the earlier 0.44-0.65%. The company calls them the most representative of reservoir gas. Second well still on schedule for Q4 2022.
30 Sept 2022annual report▼ Bad
Annual report to 30 June 2022: loss of A$18.7m (prior year A$115k), in a year the company pivoted to pure-play helium via Red Helium (now 70%). Notes Jesse discovery and that flow testing was suspended by water influx.
30 Sept 2022other● Neutral
Appendix 4G governance checklist signed by company secretary Lloyd Flint, pointing to the governance statement on the website. Administrative; no new information.
30 Sept 2022other● Neutral
Corporate governance statement for the year. Says the board has three members with no women and currently no employees. Administrative disclosure with no operational or financial news.
21 Sept 2022flow test result● NeutralMajor
Jesse#1A flow test: helium grade averaged 0.8% (earlier 0.44-0.65%) and reservoir pressure 2,465 psi. Sproule says discovered status allows reclassifying prospective to contingent resource, but water ingress stopped stable gas flow, so no flow rate was measured. Second well planned Q4 2022.
21 Sept 2022other● Neutral
ASX notice that the Grand Gulf trading suspension will be lifted once the Jesse 1A test results announcement is released. Administrative only; no new information.
21 Sept 2022other● Neutral
Grand Gulf requested a voluntary trading suspension on 21 September 2022, pending an announcement on Jesse 1A test results. It runs until the announcement or normal trading on 23 September, whichever is earlier.
9 Sept 2022drilling progress report● Neutral
Flow testing of Jesse#1A began this week after downhole data runs including a borehole optical log; initial results are expected as early as next week. Earlier helium (up to 0.65%) and 2,280 psi pressure are repeated. Second well still planned for Q4 2022.
31 Aug 2022drilling progress report● Neutral
The work-over rig reached Jesse#1A on 29 August and is rigging up to flow test several zones. Flow rates and helium concentration are still pending. The next well remains planned for Q4 2022.
25 Aug 2022drilling progress report● Neutral
A work-over rig will mobilise to Jesse#1A on 29 August to flow test several zones for gas rate and helium concentration. The next helium well has moved from Q3/Q4 to Q4 2022. No new results.
9 Aug 2022investor presentation● Neutral
August webinar slides repeat the Jesse discovery and Red Helium story. They show net cash of A$7.9m at 30 June 2022 and 1,546m shares, with US$3.0m of earn-in payments remaining for the 85% stake. A resource update is planned after flow test results.
5 Aug 2022other● Neutral
Invitation to a shareholder webinar with MD Dane Lance on 9 August 2022. No new information.
5 Aug 2022drilling progress report▼ Bad
Jesse#1A flow test has slipped again, to late August or early September, using packers to test several zones. Previous helium and pressure results are repeated. The next helium well is still planned for Q3/Q4 2022.
20 July 2022farm in farm out completion▲ GoodMajor
Grand Gulf lifted its stake in Valence Resources, which operates the Red Helium project, from 55% to 70% after contributing the first US$1.5m for the first well. It can reach 85% by funding US$1.5m on each of two more wells. Work-over is on schedule for mid-August.
13 July 2022drilling progress report● Neutral
Jesse#1A will be re-entered in August with a production log, gas column isolation and flow test to establish a stable flow rate. This delays the earlier early to mid Q3 timing. Locations are being ranked for a second well in Q3/Q4 2022.
29 June 2022well test result▲ GoodMajor
Jesse#1A flow-back sampled 0.44-0.65% helium, with CO2 of 59-65% (below the 85% expected) and reservoir pressure of 2,280 psia. The company declares a helium discovery, but water ingress meant the well could not flow stably. The rig was released and a re-entry is planned for early to mid Q3.
23 June 2022drilling progress report● Neutral
Jesse#1A has been acid-stimulated and is unloading fluids before the 4.5 inch tubing is run for flow testing. The company says flow rates and helium analysis will decide whether it is a commercial discovery. No results yet.
17 June 2022security holder rights change● Neutral
Section 708A notice confirming completion of the April placement: 250m shares at 4.4c plus 13.5m consultant shares were issued earlier. Now 83.3m free 8c options, 20m lead manager options and incentive securities for MD Dane Lance (10m options at 7c) are issued after the 10 June approval.
17 June 2022drilling progress report● Neutral
The workover rig re-entered Jesse#1A and is acidising the formation. The 4.5 inch tubing will be run next, followed by several days of flow testing. No flow or helium concentration results yet.
17 June 2022other● Neutral
Registry top-20 holders and distribution schedule for the 103.3m new 8c options: 231 holders, with Evolution Capital the largest at 14m (13.5%). Supporting paperwork for the option quotation application; no new information.
17 June 2022admin correction● Neutral
Corrected distribution schedule fixing the option exercise price from $0.008 to $0.08. Dated 17 May 2022 in the text but listed 17 June. Administrative only.
14 June 2022drilling progress report▲ Good
A workover rig began mobilising on 14 June 2022 to acidise and flow test Jesse#1A, which logs suggest has a 203 ft gas column. A permit application was lodged for a second well in Q3 2022. Flow test results are still pending.
31 May 2022other● Neutral
Notice that 43,827,494 shares will be released from voluntary escrow on 15 June 2022. Administrative; adds to tradable supply.
30 May 2022other● Neutral
Notice that 47,333,693 shares will be released from voluntary escrow on 14 June 2022. Administrative; adds to tradable supply.
30 May 2022drilling result▲ GoodMajor
Jesse#1A reached total depth, with logs indicating a 203 ft gross gas column in dolomitised Leadville reservoir, similar to nearby Doe Canyon producers. Flow testing is the real test of discovery and a workover rig is about two weeks away.
20 May 2022drilling progress report▲ Good
Jesse#1A drilled through 1,700 ft of salt seal; 7 inch casing set at 8,067 ft. Mud gas helium reached 37 times background (386 ppm), a qualitative indicator only. The well is drilling structurally higher than expected.
12 May 2022drilling progress report▲ Good
Jesse#1A, drilled to 5,875 ft, detected helium up to 17 times background (124 ppm) above the main Leadville target. The company calls it a sign of a working helium system. It is an early qualitative indicator, not a flow result.
6 May 2022drilling progress report● Neutral
Jesse#1A has drilled the top hole to 3,095 ft with 9 5/8 inch casing cemented. It will continue to about 8,077 ft before testing the main helium target near 8,300 ft. No helium result yet.
5 May 2022other● Neutral
Administrative notice: registered office and principal place of business moved to Suite 1G, 56 Kings Park Road, West Perth. No operational or financial substance.