An independent evaluation conducted by U.S.-based geoscience services company Sproule ERCE has identified approximately 13.03 billion barrels (P10) of gross un-risked recoverable oil resources in the Jameson Land Basin, located in eastern Greenland. The estimate covers upper basin levels across 58 identified targets, as disclosed by March GL Company and Pelican.
A strategic distribution of interests
The project is jointly operated by UK-based 80 Mile PLC, listed on the AIM, FSE, and OTC markets, and its U.S. partner March GL Company. Under a joint venture agreement, March GL will fully fund the first two exploration wells—each to a minimum depth of 3,500 metres—securing up to 70% working interest in return. 80 Mile will retain 30% through its subsidiary White Flame Energy A/S after the second well is completed. Until then, it holds 100% legal ownership of licences covering around two million acres.
Globally recognised potential
According to the report prepared in line with the Petroleum Resources Management System 2018 (PRMS 2018), Jameson Land is now ranked among the world’s most promising undrilled basins. The geological structures, described as stacked, large-scale, and high-quality, along with stratigraphic traps, support this outlook. The report further notes untapped potential in deeper layers, particularly the Permian base.
80 Mile’s attributable share under the full earn-in arrangement amounts to approximately 3.9 billion barrels (P10). This volume would place the basin as the thirteenth largest undeveloped oil accumulation globally, according to filings with the U.S. Securities and Exchange Commission.
Ongoing technical and logistical preparations
Oilfield services firm Halliburton has been contracted to provide equipment and logistics support for the drilling campaign. IPT Well Solutions has been appointed as overall project manager. The first drilling operation is scheduled for the second half of 2026, with mobilisation of a 3,500-metre-capable rig already planned, and logistics agreements secured.
The report has been validated by Jeffrey Aldrich, Principal Geoscientist at Sproule ERCE and a certified petroleum geologist, in line with international competency standards. Scientific and technical disclosures were reviewed and approved by Eric Sondergaard, Director of 80 Mile PLC and a member of the Alberta Association of Professional Geoscientists and Engineers.
