**Summary**
80 Mile PLC announced it has received a **US$500,000 payment** from its joint venture (JV) partner, March GL Company, for the Jameson liquid hydrocarbon project in Greenland. This payment follows the finalization of the JV agreement. The acquisition of March GL by Pelican Acquisition Corporation (a NASDAQ-listed SPAC) is expected to be completed in **early January 2026**, with the merged entity renamed **Greenland Energy Company** (NASDAQ: GNLD).
Key highlights include
80 Mile retains a **30% interest** in the Jameson project, valued at **US$92 million** based on the acquisition terms.
Heavy equipment has been delivered to East Greenland for drilling, with an anticipated **spud date in H2 2026** (subject to regulatory approval).
An independent assessment estimates **13.03 billion barrels** (P10) of gross un-risked recoverable prospective oil resources in the Jameson Basin, with 80 Mile’s share at **3.9 billion barrels**.
Rod McIllree, Executive Director of 80 Mile, expressed excitement about the merger and drilling progress, emphasizing the project’s momentum and potential value creation. The Jameson project is fully funded by March GL, which will earn up to a **70% working interest** upon completing two exploration wells.
This development strengthens 80 Mile’s position in the energy sector, complementing its existing critical metals and sustainable energy projects in Greenland and Italy.