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 ('GLND'), the Nasdaq listed joint venture partner of 80M, has closed a public offering of shares and warrants, raising gross proceeds of approx. US$70 million. GLND intends to use the net proceeds from the offering to fund exploration and appraisal activities in the Jameson Land Basin, as well as for general corporate purposes.

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 the Company's Jameson project. 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, 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 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.

About the Jameson Hydrocarbon Project

The Jameson Land Basin is one of, if not the last, highly prospective, yet completely undrilled oil 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.

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 un-risked 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.

Competent Person Report

The information in this announcement relating to Prospective Resources of the Jameson Land Basin, Greenland Evaluation is based on information compiled by Jeffrey Aldrich, Principal Geoscientist P.G., L.P.G, Sproule ERCE. Certified Petroleum Geologist (CPG), Jeffrey Aldrich is a member of The American Association of Petroleum Geologists and has sufficient experience of petroleum reserves and resources evaluation under consideration, and to the activity he is undertaking to qualify as a Competent Person.

The scientific and technical disclosure included in the Sproule Report has been reviewed and approved by Roderick McIllree, a director of 80 Mile PLC, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. McIllree has sufficient experience, to qualify as a Qualified Person ("QP") as defined by the AIM rules. Mr. McIllree has additionally reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears.

Original announcement link

Source: 80 Mile