80 Mile PLC (AIM: 80M) has confirmed that the US Securities and Exchange Commission has approved the proposed acquisition by Pelican Acquisition Corporation of Greenland Exploration Limited and March GL.
Subject only to shareholder approval, the newly merged group is expected to begin trading on NASDAQ in early March under the name Greenland Energy Company, ticker GLND.
Under 80 Mile’s definitive joint venture agreement, Pelican is entitled to earn up to a 70% working interest in the Jameson Basin project by funding 100% of the costs of up to two exploration wells, each to a minimum depth of around 3,500 metres. 80 Mile will retain a 30% stake through its subsidiary White Flame Energy A/S.
The Jameson Basin covers around two million acres in East Greenland and has been the subject of extensive historical work by major oil companies, including ARCO, which invested more than US$100 million in exploration between 1970 and 1990. An independent report by Sproule ERCE has estimated 13.03 billion barrels (P10) of gross unrisked recoverable prospective oil resources across the upper basin, equating to around 3.9 billion barrels net to 80 Mile under the full earn-in structure.
GLND has secured agreements with leading oilfield service providers and has mobilised heavy equipment to Greenland ahead of a planned drilling campaign in the second half of 2026, subject to regulatory approvals. Halliburton has been contracted for drilling services, with IPT Well Solutions appointed as project manager.
Executive Director Rod McIllree said SEC approval was the final hurdle before the shareholder vote, with trading on NASDAQ anticipated shortly thereafter.
