80 Mile PLC, the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, notes the recent announcement as of October 28th, by its US joint venture partner, March GL Company and Pelican, regarding the results of an independent assessment and prospective resources report prepared by Sproule ERCE confirming the world-class potential of the Jameson Land Basin, located in Eastern Greenland.
Highlights
- 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 entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, March GL 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, March GL may earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy 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 - includes Jameson Land Basin location map
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
