Grand Gulf (GGE) is pleased to advise that it has completed a sale of its 4.75%WI in La Posada for US$7.5m cash. This is a significant funding milestone that has been achieved representing a material cash injection into the Company and monetising an untested development asset. The Company will continue to focus its activities on high quality exploration and development prospects.
The Company presently has a full complement of activity and is in the process of completing and testing its discovery at Abita, recompleting the D&L#3 well in the “M” sand and our new exploration well, Lyons Point, is drilling ahead at 8,200ft. Grand Gulf will also participate in the West Klondike exploration prospect expected to commence drilling in October/November.
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