11.15x60R Mauser "G.E.L." headstamp

I have problems deciphering the headstamp. What does it say?
image

GEL G.Egestorff, Linden (bei Hannover)…I think, you have asked this question ones before?

Have fun
Forensic

Thanks, you are probably right about me asking this. Municion.org identifies exactly the same headstamp as “Giulio Fiocchi Spa., de Lecco, Italia”. I can’t read the 1st letter in either headstamp, the 2nd is either “E” or “F.” and the 3rd is “L”.
viewtopic.php?f=8&t=13026&p=92535&hilit=G.Egestorff#p92535
It is clear from this thread that you are correct.

Fiocchi never listed this cartridge in their catalogs

The three letters are “G. E. L.” not “G. F. L.”