80 Mile confirms its Nasdaq-listed joint-venture partner Greenland Energy Company (Nasdaq:GLND) has closed a public offering of shares and warrants raising gross proceeds of approximately US$70 million to fund exploration and appraisal activities at the Jameson project and for general corporate purposes.
The company said GLND intends to use the net proceeds to bankroll drilling and appraisal in the Jameson Land Basin, a roughly two‑million‑acre East Greenland acreage where an independent Sproule ERCE assessment estimates 13.03 billion barrels (P10) of gross un‑risked recoverable prospective oil resources, equivalent to approximately 3.9 billion barrels net to 80 Mile on a 30% interest.
Under the definitive joint venture agreement GLND will fund 100% of the costs of up to two exploration wells (each to a minimum depth of 3,500 metres) to earn up to a 70% working interest, with 80 Mile retaining 30% via its wholly owned White Flame Energy A/S and remaining legal licence owner until completion of the second well.
GLND has secured executed agreements with major oilfield service providers, mobilised heavy equipment to East Greenland, appointed Halliburton for drilling services and IPT Well Solutions as project manager, and has a 3,500‑metre capable rig scheduled for mobilisation ahead of planned drilling in the second half of 2026, all subject to regulatory approvals.
Sproule’s competent‑person report identifies 58 prospects and leads across multiple stacked targets and the two fully funded wells are intended to test that prospectivity.
Drilling mobilisation and the commencement of the first well in H2 2026 are the next material milestones.
