80 Mile PLC (AIM:80M) has announced that its US joint venture partners, March GL Company and Pelican (NASDAQ:PELI), have released an independent Sproule ERCE report confirming the Jameson Land Basin in Eastern Greenland as a world-class hydrocarbon province.
The study estimates 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources, with 80 Mile’s 30% interest representing approximately 3.9 billion barrels. The report identified 58 exploration prospects, ranking Jameson among the most prospective undrilled basins globally.
Drilling operations are expected to begin in the second half of 2026, fully funded by March GL, which can earn a 70% stake in the project upon completion of two exploration wells. Halliburton will provide drilling services, while IPT Well Solutions will oversee project management.
Executive Director Roderick McIllree described the findings as a major milestone for both 80 Mile PLC and Greenland’s emerging energy sector, stating that the results “position Jameson Land as potentially one of the world’s largest undeveloped oil accumulations — comparable in scale to the North Sea.”
