LONDON: 80 Mile PLC, a mineral and energy exploration company with projects in Greenland and a biofuels plant in Italy, announced Monday that it has entered into a binding agreement with Texas-based March GL Company to fund stratigraphic research drilling at the Jameson industrial gas and liquids project in Greenland.
Under the terms of the agreement, March GL will fully fund two exploration holes aimed at assessing the sedimentary structure and energy potential of the Jameson Basin. In return, the company could earn up to a 70% stake in the project through a two-stage earn-in structure.
March GL will acquire an initial 50% interest upon completion of the first exploratory well and can earn an additional 20% upon completing a second test hole within a set timeframe. The company has also contracted energy services giant Halliburton to support logistics and secure necessary services for the drilling operations.
Additionally, March GL will provide 80 Mile with a $500,000 payment upon finalizing the transaction in the coming weeks.
The drilling program will evaluate the presence of industrial gases such as hydrogen and helium, the thermal characteristics of the basin, and the potential for natural gas and liquid condensate resources.
80 Mile’s Managing Director, Eric Sondergaard, emphasized the economic significance of the project, stating that Jameson’s energy potential could contribute to Greenland’s long-term economic development if responsibly advanced.
“Jameson is one of the largest undrilled onshore basins of its kind, and its prospectivity has long been recognized,” Sondergaard said. “By partnering with experienced technical consultants and drilling contractors, we are ensuring an environmentally responsible assessment of its energy potential.”
March GL is expected to commence operations by summer 2026, with the company overseeing field operations for the first drilling phase and potentially the second, subject to successful completion.
The agreement is contingent upon regulatory approval from the Government of Greenland.