80 Mile PLC, the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, confirms that Pelican Acquisition Corporation, the NASDAQ-listed special purpose acquisition company, has completed its acquisition of Greenland Exploration Limited ('GEL'), a wholly owned subsidiary of March GL Company, and commenced trading on NASDAQ under the name Greenland Energy Company with the ticker 'GLND'.
The transaction now consolidates Pelican, GLND, and March GL into a single U.S.-listed entity, focused on the development of the Jameson liquid hydrocarbon project in East Greenland, one of the world's largest and last undrilled onshore hydrocarbon basins.
Under the terms of 80 Mile's definitive joint venture agreement, GLND is entitled to earn up to a 70% interest by funding 100% of the costs associated with drilling two exploration wells at Jameson. 80 Mile will retain a 30% interest through its wholly owned subsidiary White Flame Energy A/S.
At the close of NASDAQ trading on 26 March 2026, the market capitalisation of GLND was US$345m, implying a notional valuation of approximately US$104m for 80 Mile's retained 30% interest in Jameson.
Jameson comprises approx. two million acres in East Greenland and has been the subject of extensive historical exploration by major oil companies. As previously disclosed, 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 approx. 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.
The Company confirms that there is no existing legal entitlement in respect of price or timing relating to the Company's retained 30% interest in Jameson. Should the Company elect to sell its remaining interest in the Jameson, GLND will be given the opportunity (as will others) to acquire that interest at prevailing market value.
Olga Solovieva, Chief Operating Officer of 80 Mile, commented:
'Today represents a pivotal moment in the evolution of the Jameson project, with our partners bringing the asset to the U.S. public markets through the listing of Greenland Energy Company on NASDAQ. This transaction reflects the scale and strategic significance that Jameson has long represented and provides an independent market-based validation of its potential."
'The formation of Greenland Energy Company provides Jameson with a dedicated public market vehicle focused on funding and execution of the maiden drilling campaign. This marks a clear shift in the project's development trajectory, moving from a technically defined opportunity to a funded and execution-ready programme.'
'Through this structure, 80 Mile retains a 30% interest free carried interest in Jameson, while benefiting from the technical capability, financial capacity, and operational focus of a U.S.-listed partner dedicated to advancing the project. With equipment mobilised and planning well advanced, we look forward to progressing the next phase of activity at Jameson as the standard regulatory processes continue.'
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 like 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
- The Sproule ERCE report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
- First, free carried, drilling operations expected to commence in H2 2026, 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.
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: Greenland Energy Company
