Grand Gulf Energy Ltd. engages in the exploration and evaluation of oil and gas leases. The company is headquartered in Perth, Western Australia. The firm's Red Helium project is located in Utah, in the prolific proven helium producing Four Corners area of the United States. The project has a gross unrisked P50 Prospective Resource of 10.9 billion cubic feet (bcf) recoverable helium (independently estimated), with over 29,000 gross acres leased. The firm has an option agreement to acquire a 70% working interest in Petroleum Exploration License (PEL) Block 2312 offshore Namibia through the acquisition of Wrangel Oil and Gas. The company is a majority shareholder of Valence Resources LLC, operator of the Red Helium project, with the right to earn up to 85% by drilling three exploration wells. The firm has approximately 39.65% working interest (WI) in Desiree Field, 55.5% WI in D&L Field and 66% WI in DJ Basin, Colorado, United States.
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