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Grand Gulf Energy

Grand Gulf Energy advancing Boleslaw well in central Poland

Grand Gulf Energy (ASX:GGE) recently acquired a 20.4% interest in the Boleslaw gas prospect in central Poland, which has a best estimate unrisked Prospective Resource of 87 billion cubic feet of gas.

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The Boleslaw #1 Well was spudded on 11 December 2016.

The Boleslaw #1 Well was spudded on 11 December 2016 and is presently completing a casing run at 952 metres.

The first target is the Santonian sandstone, which is anticipated to be intersected between 1,050 metres and 1,100 metres.

The second target is the Deep Cretaceous sandstone, which is anticipated to be intersected at 1,400 metres.


Costs

The planned total depth of 1,500 metres and expected to cost A$2.8 million, and the well is presently running on budget.

The entry cost for Grand Gulf which includes its share of drilling is $600,000, which is able to be funded through ample cash reserves.

Poland is strategically located in Europe to provide a ready market for gas at competitive prices.


Kolo Licence

Grand Gulf also has a 20.4% interest in the Kolo Licence which covers 1,150 square kilometres.

The Kolo licence is located in the Lodz Trough within the Polish Central Lowlands, 120 kilometres west from the city of Warsaw.

The region well serviced by oil and gas surface facilities as well as the national electricity grid and sits on major European transport arteries.

Quick facts: Grand Gulf Energy

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Market: ASX
Market Cap: $2.3 m
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