80 Mile Greenland project stake valued USD148 million as partner lists

(Alliance News) - 80 Mile PLC on Friday said the Pelican Acquisition Corp completed the purchase of Greenland Exploration Ltd from its previous US joint venture partner March GL Co.

Greenland Exploration then began trading on New York's Nasdaq stock market as Greenland Energy Co on Thursday.

The transaction consolidated Pelican, March GL, and Greenland Energy under a single US-listed entity, focused on the development of the Jameson liquid hydrocarbon project in East Greenland, in which 80 Mile retains a 30% interest.

The London-based exploration and development company with projects in Greenland, Finland and Italy said that Greenland Energy's market capitalisation at the end of Thursday was USD345 million.

It implied a valuation of approximately USD148 million for 80 Mile's 30% stake in the hydrocarbon basin through its wholly-owned subsidiary White Flame Energy AS.

80 Mile shares were up 8.5% to 1.22 pence each on Friday at midday in London.

The company called Jameson one of the world's largest and last undrilled onshore hydrocarbon basins, as the project comprises of about two million acres in East Greenland subject to previous explorations.

It said that it hold an estimated 13.03 billion barrels of gross un-risked recoverable prospective oil resources across the upper levels of the basin, according to an independent report. It equates to approximately 3.91 billion barrels net to 80 Mile.

As there are no existing legal requirement on its entitlement on its stake in the Jameson basin, 80 Mile will be allowed to sell the interest at prevailing market value should it decide so.

Chief Operation Officer Olga Solovieva said: "The formation of Greenland Energy Co provides Jameson with a dedicated public market vehicle focused on funding and execution of the maiden drilling campaign. This marks a clear shift in the project's development trajectory, moving from a technically defined opportunity to a funded and execution-ready programme".

By Martin Miraglia, Alliance News reporter

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