80 Mile plc (LSE:80M) has amended the joint venture arrangements covering its Jameson liquid hydrocarbon project in Greenland, extending deadlines for the first two exploration wells to 31 December 2028.
Under an extension letter, March GL Company will transfer its rights and obligations under the joint venture to Greenland Energy Company as part of an internal reorganisation.
Greenland Energy Company will assume responsibility for obtaining and maintaining the permits required for the Jameson projects and will bear the associated costs.
80 Mile to Receive £500,000 Cash Payment
As part of the revised arrangements, 80 Mile will receive a £500,000 cash payment upon signing the extension letter.
The deadlines for drilling both the first and second exploration wells have been moved to 31 December 2028.
The revised terms provide additional time for the joint venture to progress permitting and other work associated with the Jameson project.
Company Cites Greenland Strategic Developments
80 Mile also referred to a new trilateral security and defence agreement involving Greenland, Denmark and the United States.
The company said it believes increased international cooperation could support investor confidence and investment in Greenland’s energy and critical mineral sectors.
However, decisions regarding permits for the Jameson project remain with the relevant Greenlandic authorities and are subject to applicable environmental and community requirements.
About 80 Mile
80 Mile is an exploration and development company with mining and liquid hydrocarbon projects in Greenland.
Through its Jameson joint venture, the company is pursuing exploration activities in East Greenland. Its wider portfolio includes projects targeting energy and mineral resources in the country.
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