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12 January 2010
Grand Gulf Financing and increase in Napoleonville interests
Grand Gulf is pleased to announce that it has negotiated a number of agreements which will see it become operator of the Napoleonville Salt Dome Project (?Napoleonville?), increase its interest in Napoleonville from 26.4% to 47.9% by way of farmin, increase its Facility with Macquarie Bank by US$1.5 million and raise approximately $2.9 million before costs by way of a one for one non-renounceable entitlements issue and placements totalling 245 million shares at $0.005 per share.
These agreements and capital raisings will allow Grand Gulf to commence a multiwell drilling program starting with the drilling of three wells at Napoleonville in the first three quarters of 2010.
As previously announced, Grand Gulf has reinterpreted the 51 sq mile 3D seismic survey over Napoleonville and has identified a number of leads and prospects. The Directors consider that the decision by Macquarie Bank to increase its existing banking facility to Grand Gulf by US$1.5 million is a vote of confidence in the data supporting the drilling of the three initial wells which, if successfully completed, the Directors consider on the basis of the interpretation of all existing data, have the potential to contain up to 1.5 million barrels of oil and 8.9 billion cubic feet of gas reserves.
For the full announcement please visit the Grand Gulf Energy website at the following link:
http://www.grandgulfenergy.com/documents/717.pdf
For further information contact:
Mr James Trimble
Tel. +1 (713) 829-7930
Email: jtrimble@grandgulf.net or
Mr Charles Morgan
Tel: +61 412 152534
Email: cmorgan@seaspin..com.au
For more information visit www.grandgulfenergy.com
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Grand Gulf Energy
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CODE : GGE.AX |
ISIN : AU000000AOI7 |
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Grand Gulf is a and oil exploration company based in Australia. Its main exploration property is OKLAHOMA in USA. Grand Gulf is listed in Australia and in Germany. Its market capitalisation is AU$ 3.0 millions as of today (US$ 2.0 millions, € 1.8 millions). Its stock quote reached its highest recent level on September 23, 2005 at AU$ 1.36, and its lowest recent point on November 29, 2019 at AU$ 0.00. Grand Gulf has 748 000 000 shares outstanding. |