#London #United Kingdom #80 Mile PLC #Pelican Acquisition #Jameson Project

80 Mile PLC's Major Step Forward with Pelican's Acquisition

In a landmark announcement on September 9, 2025, 80 Mile PLC, commonly referred to as 80 Mile, detailed the latest developments regarding its strategic partnerships and financial valuation in the highly coveted Jameson project. Pelican Acquisition Corporation, an entity specifically formed for mergers and acquisitions, unveiled its Definitive Agreement and Plan of Merger with Greenland Exploration Limited (GEL), a wholly owned subsidiary of March GL Company.

This merger agreement holds significant implications for the future of 80 Mile, particularly concerning its Jameson liquid hydrocarbon project located in the promising terrain of East Greenland. Notably, March GL Company is positioned to expand its horizons within the Jameson project, potentially earning up to a 70% interest as a result of its ongoing investments aimed at drilling operations.

Highlights of the Merger

The agreement stipulates that Pelican Acquisition Corporation, along with GEL and March GL Company will merge into a larger entity, Pelican Holdco, Inc. This new configuration will be rebranded as Greenland Energy Company and is set to make its debut on the Nasdaq under the ticker symbol GLND.

Pelican's valuation of March GL stands at an impressive USD 215 million, excluding liquid cash reserves anticipated from the transaction, which is expected to close in the fourth quarter of 2025. Consequently, the remaining 30% interest held by 80 Mile in the Jameson venture is currently valued at approximately USD 92 million. This revaluation signals increasing investor confidence in the project amid rising geopolitical interest in Greenland’s untapped natural resources.

Strategic Implications

The forthcoming drilling plans signify a significant milestone for 80 Mile, which had previously entered a binding agreement with March GL back in April 2025, marking the beginning of exploratory activities in the Jameson basin. March GL has committed to covering all operational expenses related to the drilling of two exploratory wells, each at depths of no less than 3,500 meters. This partnership not only enhances 80 Mile's credibility but also highlights the strategic importance of the Jameson location, possibly one of the last unexplored prospects globally.

To further add to this robust strategic framework, March GL has already secured agreements with major entities including Halliburton for logistical and drilling services. Additionally, significant arrangements with established shipping and logistics firms, as well as the retention of IPT Well Solutions to oversee project management, underscore the readiness for the imminent drilling phase.

Executive Director Roderick McIllree remarked on the excitement surrounding this project, capitalizing on Greenland’s increasing recognition by various political factions as a major focal point both economically and strategically. His confidence stems from the extensive groundwork laid down over the months, which included the alignment of financial partners and legal advisors, along with essential contracts that pave the way for the project’s success.

The Project's Promises and Challenges

Given the financial backing and technical expertise at hand, 80 Mile is poised to explore significant hydrocarbon reserves, with prior estimations suggesting the potential recovery of up to 40 billion barrels of oil equivalent across its licenses within the Jameson Basin. Historical investments exceeding USD 275 million by prominent global companies accentuate the potential of this venture, reinforcing both the operational and financial viability of the drilling initiative.

However, the progress is contingent on continuous approval from Greenlandic authorities as the stakeholders aim to maintain compliance with all regulatory protocols throughout the drilling process. 80 Mile will maintain 100% ownership of the drilling licenses until the completion of the initial wells, after which it will shift to managing its 30% interest through its fully owned subsidiary, White Flame Energy A/S.

Conclusion

The merging of Pelican with GEL presents a transformative phase for 80 Mile PLC. As the company solidifies its stake in the Jameson project valued at USD 92 million, it stands at the forefront of the energy sector’s evolution in Greenland, simultaneously fostering sustainable practices through responsible exploration. As stakeholders, investors, and governments closely monitor this venture, it is anticipated that the advancements in the Jameson project might redefine the landscape of energy extraction in the Arctic region.

For further updates on 80 Mile PLC’s activities and developments, visit 80 Mile's official website.