Oil production of 16,667 barrels for the September 2014 quarter is up from 15,392 barrels in the previous quarter. This generated revenue of A$1.93 million, placing Grand Gulf Energy on track towards surpassing its FY2014 revenues of $7.5 million.
With a net profit of $1.4 million and revenue of $7.5 million in the books for the 2014 financial year, Grand Gulf Energy has its eyes on further growth with current revenues of US$385,000 per month set to fund further oil and gas drilling.
Net profit for 2013/2014 is expected to be circa $3.5 million before tax. The Company has not raised any equity over the last 3 years and has nil debt. Drilling and development of up to 3 wells will proceed over the coming 12 months without a need for a fresh capital raising. Has Grand Gulf Energy slipped under...
With monthly revenues of US$400,000 expected to generate a 2014 net profit of $3.5 million, Grand Gulf Energy is fully funded for its 2014/15 exploration program. Further production growth is on the cards in the short term.