- The Jameson Land Basin in Greenland is emerging as one of the world’s largest remaining underexplored onshore hydrocarbon regions, spanning more than 8,400 square kilometers.
- By agreeing to fully fund the drilling at the project, Greenland Energy Company will acquire 70% of the project, while the remaining 30% remains with 80 Mile, the current owner of the project.
- Greenland Energy Company has contracted Halliburton, one of the largest companies in the space, to handle project management and offer support for logistics planning.
There are few opportunities in the global oil and gas sector as compelling as the Jameson Land Basin in Greenland, widely viewed as one of the world’s largest remaining underexplored onshore basins. Spanning more than 8,400 square kilometers (roughly 2 million acres), the basin has been the subject of extensive geological and seismic analysis over several decades, with historical industry estimates suggesting the broader basin system could contain tens of billions of barrels of oil equivalent.
The basin has attracted significant industry attention for decades, with historic exploration and related activity by major energy players representing more than $275 million in today’s dollar, including ARCO. That level of interest reflects the extraordinary scale and potential of the asset.
The asset is currently 100%-owned by 80 Mile, an exploration and development company that recently entered into an agreement with Greenland Energy (NASDAQ: GLND) to advance the project toward drilling.
Under the agreement, two 3,500-meter wells are scheduled to be drilled during the second half of 2026, with all drilling costs to be fully funded by Greenland Energy Company. Upon completion of the program, Greenland Energy Company will earn a 70% interest in the project, while 80 Mile will retain a significant 30% stake.
To support the initiative, Greenland Energy Company has partnered with Halliburton, one of the world’s largest oilfield services providers. The agreement covers integrated consulting services and logistical management, including the coordination, planning, transportation, and handling of equipment, services, and materials required for Arctic operations.
The collaboration with Halliburton, alongside additional agreements with Stampede Drilling, is expected to provide best-in-class drilling capabilities, operational expertise, and advanced technologies for what could become the first onshore exploration well ever drilled in the Jameson Land Basin.
Commenting on the Halliburton agreement, Greenland Energy Company CEO Robert Price stated: “By working with Halliburton, we can tap into world-class expertise and advanced technologies that will enhance drilling accuracy, safety, and efficiency under Arctic conditions. This agreement strengthens our operational platform and emphasizes our commitment to technical excellence and responsible development in a frontier basin.”
For more information, visit the company’s website at www.GreenlandEnergyCo.com.
NOTE TO INVESTORS: The latest news and updates relating to GLND are available in the company’s newsroom at https://ibn.fm/GLND
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained herein other than statements of present or historical fact, including, without limitation, statements regarding Greenland Energy Company’s (the “Company”) future financial performance, business strategy, operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives of management, and expected benefits of the Company’s recent business combination, are forward-looking statements. Forward-looking statements are generally identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “potential,” “predict,” or the negative of these terms or similar expressions, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on management’s current expectations, assumptions and beliefs regarding future events and are based on information currently available to the Company. These statements involve a number of risks and uncertainties, many of which are difficult to predict and are beyond the Company’s control, and actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, among others: (i) Exploration and Geological Risks, including the Company’s status as a development-stage company with no operating history, revenues, or proved reserves; the inherent uncertainty in prospective resource estimates, including that the 13 billion barrel estimate is based on undiscovered accumulations with no certainty of discovery or commercial viability; geological complexity arising from limited seismic data coverage, pervasive igneous intrusions, faulting patterns, and significant Tertiary uplift creating thermal maturity uncertainty; the fact that the basin has never produced a commercial discovery despite decades of study dating back to the 1970s, and a 2008 USGS report stating less than a 10% chance of containing a technically recoverable hydrocarbon accumulation; and high-cost frontier exploration with estimated well costs of $40 million for the first well and $20 million for subsequent wells; (ii) Operational and Environmental Risks, including the challenges of operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows for equipment and personnel; drilling hazards such as blowouts, equipment failures, well control events, environmental releases, and accidents inherent in oil and gas operations; reliance on third-party contractors; and climate change scrutiny, as operations in Greenland face increasing opposition from environmental groups and institutional investors due to Arctic drilling concerns; (iii) Regulatory and Political Risks, including the 2021 Greenland drilling moratorium, and while licenses are grandfathered, future regulatory changes could jeopardize operations; geopolitical tensions, including U.S. interest in acquiring Greenland and Greenland’s internal independence movements that could affect operations; permit requirements, as drilling requires Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities; and forfeiture risk, as failure to meet drilling milestones could result in loss of the Company’s right to earn working interests; (iv) Financial and Capital Risks, including significant capital requirements and the need for substantial funding beyond current resources to complete the drilling program; commodity price volatility, as oil, gas, and NGL prices are highly volatile and will heavily influence project viability; a long development timeline during which market conditions may change significantly before potential production, unlike short-cycle shale projects; going concern uncertainty and substantial doubt about the Company’s ability to continue as a going concern without additional financing; and energy transition risk, as global demand for oil may decline due to electric vehicle adoption, renewable energy policies, and changing consumer preferences; and other risks and uncertainties as set forth in the Company’s Prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act on April 29, 2026, in the section titled “Risk Factors.”
Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
