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Grand Gulf Energy well placed as drilling advances at Boleslaw well

Managing director of Grand Gulf Energy (ASX:GGE) Mark Freeman told Proactive the group was very well placed looking ahead.
The firm, with a market cap of A$5.2mln has revenues from three producing fields, which generate over US$100,000 a month after costs, including royalties.
It has funding, production revenues, reserves and upside opportunity, he added.
It comes as the group's Boleslaw No.1 well was started earlier this week - and is expected to take just over three weeks to complete to a depth of about 1,500 metres.
The firm is targeting two zones - at 900 metres and 1400 m. The prospect has a best estimate unrisked prospective resource of 87 billion cubic feet of gas.
On supporting infrastructure in the event of successful drilling, Freeman also noted that: "Poland has a very extensive pipeline network and the joint venture will have a choice of which system to use - the closest is only 10km away.
"We also have the opportunity of generating electricity on site and selling the energy into the European grid," he added.

 

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