80 Mile Plc (LSE:80M) has announced that Pelican Acquisition Corporation has completed its acquisition of Greenland Exploration Limited, which has now started trading on Nasdaq as Greenland Energy Company under the ticker GLND. The listing consolidates the Jameson hydrocarbon project in East Greenland within a single U.S.-listed entity. Under the terms of an existing joint venture, GLND can earn up to a 70% interest in the project by funding the drilling of two exploration wells, leaving 80 Mile with a 30% stake. Based on Greenland Energy’s latest market capitalisation, that retained interest is valued at approximately US$104 million.
The Jameson project spans around two million acres in East Greenland and has undergone extensive technical evaluation. An independent report by Sproule ERCE estimates gross unrisked recoverable prospective oil resources of 13.03 billion barrels (P10), with roughly 3.9 billion barrels potentially attributable to 80 Mile following full earn-in by GLND. Preparations for drilling are advancing, with Halliburton contracted for drilling services, heavy equipment mobilised and logistical arrangements already in place. The Nasdaq listing of Greenland Energy is expected to provide a dedicated capital markets platform to fund and carry out a maiden drilling programme targeted for the second half of 2026, which could significantly reshape 80 Mile’s exposure to one of the world’s largest undeveloped onshore basins.
From an outlook perspective, the company’s financial profile remains challenged by the absence of revenue, widening losses and ongoing cash burn, which increases the risk of future funding needs and potential dilution despite relatively low debt levels. Technical indicators show strong upward momentum and a supportive longer-term trend, although overbought signals suggest some caution in the near term. Valuation remains difficult to assess given negative earnings and the lack of dividend data.
More about 80 Mile Plc
80 Mile Plc is an exploration and development company listed on AIM in London, the Frankfurt Stock Exchange and the U.S. OTC market. The group focuses on hydrocarbon and high-grade critical metal projects in Greenland, while also operating an industrial gas and biofuels business in Italy. This diversified portfolio provides exposure across hydrocarbons, base and precious metals, as well as sustainable fuel markets.
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