- 80 Mile PLC has international projects underway in Finland, Greenland, and Italy.
- A joint venture involving 80 Mile is listed on NASDAQ and its operations are subject to approval by the Government of Greenland.
- 80 Mile PLC is seeking permitting from the Government of Greenland for the Jameson Land Basin Project.
Greenland Energy advances Jameson Land program, extends exploration dates
What happened
Greenland Energy Company entered into a Deed of Variation and Novation with 80 Mile plc and March GL Company, a wholly owned subsidiary of the Company. Under the agreement, Greenland Energy Company assumed March GL Company's rights and obligations regarding the Jameson Land Basin in East Greenland. The longstop dates for the first and second exploration wells were extended to December 31, 2028. Greenland Energy Company will shoulder sole responsibility for securing and maintaining the necessary permits for the drilling program.
From prnewswire.com
Why it matters
The extensions provide additional time for the exploration program to proceed. Greenland Energy Company will pay 80 Mile plc a fee of £500,000 upon the effective date of the Deed. 80 Mile plc remains responsible for other Government Consents required under the existing Farm-Out Agreement.
80 Mile plc is seeking permitting from the Government of Greenland for the Jameson Land Basin Project. A joint venture involving 80 Mile is listed on NASDAQ and its operations are subject to approval by the Government of Greenland.
From prnewswire.com