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Grand Gulf Energy substantial shareholder boosts stake

Grand Gulf Energy substantial shareholder boosts stake

Grand Gulf Energy’s (ASX:GGE) largest shareholder Craig Ian Burton has topped his shareholding to 24.6% from 23.5%.

Between 19 September 2014 and 16 October 2014, Burton and his associated interests bought 8,586,324 shares on market for a total of $81,377, bringing his holding up to 184,060,000 shares.

This follows further on market purchases that he made between 2 May and 19 September.

Grand Gulf Energy reported EBITDA of $3.8 million and net profit of $1.4 million for the financial year ended 30 June 2014 due to the start of production at its 35.6%-owned Hensarling-1 well in the Desiree Field on the Napoleonville Salt Dome.

This compares with its EBITA of $1.2 million and net loss of $2.17 million in FY2013.

Hensarling-1 is currently producing 400 barrels of oil per day and had produced 120,160 barrels in FY2014.

There is news flow ahead with the company reprocessing 3D seismic data to mature up to 3 further drilling targets around the Napoleonville Salt Dome over the next 12 months.


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