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21 January 2010
Quarterly Activity Report for the Quarter Ended 31 December 2009
Grand Gulf Energy Limited (ASX: GGE) (Grand Gulf) is pleased to provide its Quarterly Activity Report for the Quarter ending 31 December 2009. Highlights for the quarter and subsequently:
Operations:
? In January Grand Gulf announced that it had negotiated with Waterloo to earn half of its interest in the Napoleonville project via a carry of well costs and will become the operator subject to financing being completed as per Corporate below.
? In January Grand Gulf sold its interest in the 12 wells in Custer Co, Oklahoma effective November 1, 2009 to further reduce its debt.
Corporate:
? At the Annual Meeting shareholders resolved that Directors would take shares in lieu of cash for their fees and salaries for the 12 months of 2009 at a share price of $0.01 per share
? The company has negotiated an additional debt facility of $1.5 million with Macquarie for 2010 Napoleonville drilling.
? The company has announced an intention to raise equity by way of a one for one non-renounceable entitlements issue and placements totalling 245 million shares all at the price of $0.005 to raise approximately $2.9 million in the first quarter of 2010.
For the full report please visit the Grand Gulf Energy website at the following link:
http://www.grandgulfenergy.com/documents/719.pdf
For further information contact:
Mr James Trimble
Tel. +1 (713) 829-7930
Email: jtrimble@grandgulf.net or
Mr Charles Morgan
Tel: +61 412 152534
Email: cmorgan@seaspin..com.au
For more information visit www.grandgulfenergy.com
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Grand Gulf Energy
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CODE : GGE.AX |
ISIN : AU000000AOI7 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Grand Gulf is a and oil exploration company based in Australia. Its main exploration property is OKLAHOMA in USA. Grand Gulf is listed in Australia and in Germany. Its market capitalisation is AU$ 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. |