Grand Gulf Energy has raised $8m to progress its helium exploration activities in the US.

The firm today (April 20) said its newly raised capital will fully fund at least two exploration wells and help evaluate further acquisitions and corporate opportunities.

Highly recognised for its Red Helium project, located in Utah, US, Grand Gulf Energy hopes to provide reassurance in the ever-changing helium market.

Focusing on the Red Helium project, Grand Gulf Energy’s Jesse#1A well is now permitted and a rig is contracted to spud the well in last April (2022).

News of the capital comes just over a month since Grand Gulf Energy inked a helium offtake agreement with Paradox Resources.

Key terms of the deal included an 80/20 industry standard revenue split, in favour of Grand Gulf Energy, as well as standard tariffs for gathering, compression and processing.