80 Mile PLC, the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, confirms that Greenland Energy Company is expected to commence trading on NASDAQ on or around 18 March 2026, under the ticker 'GLND', subject to shareholder approval at the general meeting anticipated to be held on 17 March 2026.
Greenland Energy Company will be the combined entity formed following the proposed acquisition by Pelican Acquisition Corporation (NASDAQ: PELI) of Greenland Exploration Limited ('GEL') and March GL Company ('March GL'). As announced on 19 February 2026, the SEC approved the acquisition, with the final step being shareholder approval.
Under the terms of 80 Mile's definitive joint venture agreement, GLND/PELI is entitled to earn up to a 70% working interest in Jameson by funding 100% of the costs associated with up to two exploration wells, each to a minimum depth of approximately 3,500 metres. 80 Mile will retain a 30% interest in Jameson through its wholly owned subsidiary, White Flame Energy A/S.
Jameson comprises approximately two million acres in East Greenland and has been the subject of extensive historical exploration by major oil companies. As previously disclosed by the Company on 29 October 2025, an independent prospective resources report prepared by Sproule ERCE estimated 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin, equating to approximately 3.9 billion barrels (P10) net to 80 Mile. GLND, the Company's JV partner, has secured executed agreements with leading oilfield service providers and has mobilised heavy equipment to East Greenland in preparation for drilling in H2 2026, subject to regulatory approvals.
Rod McIllree, Executive Director of 80 Mile, commented:
'With shareholder approval on the transaction between Pelican, GEL and March GL now expected to be received on 17 March, this marks the final hurdle for the newly merged group, Greenland Energy Company, to list on the NASDAQ under the ticker GLND. This represents a positive milestone for 80 Mile, enhancing the visibility of the Jameson Project and introducing its significant scale and resource potential to a broader US investor audience. We now expect the listing to take place on or around 18 March, and I look forward to seeing GLND begin life as a listed company.'
About the Jameson Hydrocarbon Project
The Jameson Land Basin is one of, if not the last, highly prospective, yet completely undrilled basins globally, but with a clear genetic link to the North Sea as well as a scale similar to many of the world's major producing regions. This claim is not without foundation, 80M and GLND will leverage its acquisition off a comprehensive body of work conducted by US Atlantic Richfield Company ('ARCO') between 1970 and 1990 when more than US$100m was invested (1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid hydrocarbon targets.
ARCO's data reverted to the Geological Survey of Denmark and Greenland ('GEUS') upon the US major's withdrawal from Greenland in 1990 with the Danish Government continuing work on the project area until 2014 when White Flame was awarded the licences. ARCO and GEUS concluded that the Jameson Land Basin contains all the essential source, reservoir, seal and trap elements to host multiple very-large-scale natural & industrial gas reservoirs in addition to liquid-rich hydrocarbons, particularly in the central and southern central regions of the basin. This data, in addition to many subsequently commissioned independent detailed assessments and reports, indicate there are multiple multi-billion-barrel-equivalent targets within the basin.
- Independent assessment by US based oil field specialists, Sproule ERCE estimate 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin
- The report also highlights potential upside outside these already identified target areas, across the broader licence and at depth. Specifically, the Permian base layer
- 80 Mile's attributable share equates to approximately 3.9 billion barrels (P10) based on its 30% interest post earn-in completion
- Report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
- First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling
As previously announced, 80 Mile and March GL (now GLND) entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, GLND will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson Basin.
In return, GLND may earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy A/S upon completion of the second well. Until that time, 80 Mile retains 100% legal ownership of the licences covering approximately two million acres in Eastern Greenland.
The Sproule Report, prepared in accordance with the Petroleum Resources Management System ("PRMS 2018"), assesses total gross unrisked recoverable prospective resources of approximately 13.03 billion barrels (P10) across 58 identified prospects. The report can be found on the SEC website here;
https://www.sec.gov/Archives/edgar/data/2037431/000182912625008407/pelicanacq_ex99-1.htm
Of this, 80 Mile's attributable interest under the full earn-in structure equates to approximately 3.9 billion barrels (P10).
The report also highlights the multiple, stacked, large and high-quality structural reservoirs and stratigraphic traps, as well as the significant exploration upside across the basin. Sproule's findings confirm Jameson's scale and geological quality, ranking it amongst the world's most significant untested hydrocarbon provinces.
Preparations for drilling are ongoing, with Halliburton contracted to provide drilling services and logistics support, and IPT Well Solutions appointed as project manager. Mobilisation of a 3,500-metre-capable rig is now scheduled with shipping and logistics agreements already executed with leading service providers.
Source: 80 Mile PLC
