LONDON: Greenland Energy Company, a Nasdaq-listed joint venture partner of 80 Mile PLC, has closed a public offering of shares and warrants, raising gross proceeds of approximately $70 million to fund exploration drilling in East Greenland, the companies announced Thursday.
GLND, which trades under the ticker “GLND,” intends to use the net proceeds for exploration and appraisal activities in the Jameson Land Basin as well as for general corporate purposes.
Under the terms of a definitive joint venture agreement, GLND can earn up to a 70% interest in the Jameson project by funding 100% of the costs associated with drilling two exploration wells. London-based 80 Mile will retain a 30% interest through its wholly owned subsidiary White Flame Energy A/S.
The Jameson project spans approximately 2 million acres in East Greenland. 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 basin, equivalent to about 3.9 billion barrels (P10) net to 80 Mile.
GLND has secured executed agreements with leading oilfield service providers and has begun mobilizing heavy equipment to East Greenland in preparation for drilling in the second half of 2026, subject to regulatory approvals.
The basin has been the subject of extensive historical exploration by major oil companies, including U.S. Atlantic Richfield Company, which invested more than $100 million in exploration activities between 1970 and 1990.
80 Mile PLC is listed on London’s AIM market under ticker 80M, on the Frankfurt Stock Exchange under S5WA, and on the U.S. OTC market under BLLYF.
Editor’s Commentary: Let me start with the obvious: a P10 estimate of 13 billion barrels is eye-popping. That’s North Sea territory. But here’s where my skepticism kicks in — the phrase “completely undrilled” appears in this release, and in journalism, that’s not a selling point. That’s a red flag.
The history here is telling. ARCO walked away in 1990 after spending $100 million (in 1989 dollars, no less — roughly $240 million today). The Danish government worked the area until 2014. Then White Flame got the licenses. Now it’s 80 Mile and GLND. That’s four decades of各家 taking a look and, so far, nobody drilling a hole.
The $70 million raise is real money. Halliburton is a credible name. Mobilization is underway. But the entire story hinges on two wells scheduled for H2 2026 — and “subject to regulatory approvals” is doing a lot of heavy lifting in that sentence. Greenland’s government has become increasingly cautious about hydrocarbon development, and political headwinds are not trivial.
From a news perspective, the release buries the lede in corporate boilerplate. The real story isn’t the raise — it’s whether anyone will actually drill in East Greenland after 50 years of false starts. I’d have led with the Jameson Basin’s undrilled status and the long history of majors walking away, then introduced the $70 million as the latest bet against that history.
Also worth noting: the competent person statement and Sproule ERCE link are proper disclosures, but the self-reported “world’s most prospective undrilled basin” language belongs in a marketing deck, not a news release. AP style demands restraint. The numbers speak for themselves — let them.
One final gut check: 58 prospects, 13 billion barrels, and not one well. In this industry, that’s not a resource. That’s a hypothesis. Come back to me when the drill bit turns.