Nasdaq-listed JV partner Greenland Energy Company (“GLND”) Raises US$70,000,000
Jameson drilling funded with 80M, retaining 30% interest
80 Mile PLC (AIM: 80M) has provided an update on its flagship Greenland asset, confirming that its joint venture partner, Greenland Energy Company, has successfully raised approximately $70 million through a public offering of shares and warrants.
The proceeds will primarily fund exploration and appraisal activities at the Jameson project in East Greenland, alongside general corporate purposes. Under the terms of the joint venture, GLND can earn up to a 70% working interest by fully funding the drilling of two exploration wells, while 80 Mile retains a 30% stake via its subsidiary White Flame Energy A/S.
The Jameson Land Basin spans roughly two million acres and is considered one of the largest undrilled hydrocarbon basins globally. Historical work by Atlantic Richfield Company and subsequent studies by Geological Survey of Denmark and Greenland identified key geological elements required for large-scale oil and gas accumulations.
An independent report by Sproule ERCE estimates gross un-risked prospective resources of 13.03 billion barrels (P10) across 58 identified prospects. On a fully diluted basis, this equates to approximately 3.9 billion barrels net to 80 Mile.
Drilling is expected to commence in the second half of 2026, with GLND funding 100% of costs for the initial two wells, each targeting depths of at least 3,500 metres. Major service providers have already been engaged, including Halliburton for drilling operations and IPT Well Solutions for project management.
The basin is widely regarded as highly prospective, with multiple stacked reservoirs and significant upside potential beyond currently defined targets. If successful, the programme could unlock one of the largest remaining undeveloped hydrocarbon provinces globally.
