Member Info for A-s-h-t-o-n

The merger of Pelican Acquisition Corporation, Greenland Exploration Limited and March GL into Greenland Energy Company is expected in December 2025 or January 2026 (due to the delay caused by the US government shutdown, which has now ended).

Assuming an issue share price of $10.00 for the Greenland Energy IPO, Pelican (NASDAQ: PELI) has been trading above the expected issue price of $10.00 all of this week. It’s important for 80M that the IPO is successful, as it would strengthen the financial position of Greenland Energy for progressing the Jameson Land project beyond drilling the two holes already announced. Additionally, the IPO would also provide an implied value for JL. Determining the implied value for a publicly traded company is straightforward, as it involves simply referencing the market price of the company's stock. After the IPO, we will know the market cap of Greenland Energy, and 30% of that would be the implied value of 80M’s share in JL as determined by the market.

RachT2 (14 Nov 2025): "You (Ashton) even referenced my reply to Piou on 23rd October. Not sure why.."

I thought it was obvious, but since you insist, I will tell you why.

You tell the poster NEIL7826 that you rarely, if ever, say whether you are currently holding. So I thought I should point out to the poster that you won't tell when you have bought the stock, but would tell when you have sold. What's more, after selling, you would tell that one can buy the stock cheaper. Also, you go quiet when the price is rising, but become especially vocal when it's falling. Since NEIL7826 is new here, I thought I should point out how you operate.

It is odd that someone who openly and freely admits to trading the stock tells only when they have sold and not when they have bought. I put 2 and 2 together, and for me it stinks!

RachT2 has just posted to say, "I rarely, if ever, say whether I’m currently holding."

What is odd about RachT2's behaviour in this regard is that she will NOT disclose whether or not she is a holder. However, she is only too keen to disclose by claiming that she has sold and made a profit. After selling, she will NOT hesitate to express the opinion that you would be able to buy back the stock at a cheaper price.

This is what she said in her post addressed to the poster Poiu on 23 Oct 2025: "I think you've called it about right and that you'll get a chance to buy back in at a (much?) lower price. Well done on the profit. The price is now almost exactly the same as I sold out after the last run and like you, I banked a profit."

IvRoche - You are spot on when you say how RachT2 goes quiet when the price is rising, but the moment the share price starts to move back, she would resume her attack on the stock in deadly earnest.

Newcomers to this board, you have been warned!

Https://schwabnetwork.com/video/greenland-energy-eyes-mega-oil-field-with-halliburton-support

All that said, what did I say on this subject previously? Here are the relevant posts:

18/07/25: "The kind of support the US might provide for March GL on Jameson could be, for example, meeting the costs of infrastructure for the project once it has successfully completed the exploration phase (i.e. after oil reserves from drilling have been proved), and before moving on to the exploitation (extraction) phase."

09/08/25: "In the note I posted on 18 July 2025, I said the kind of support the US might provide to March GL/80M on the Jameson Land project could be, for example, meeting the costs of infrastructure associated with the project once it has successfully completed the exploration phase (i.e. after the oil reserves from drilling have been proved). In this context, infrastructure could mean logistics such as laying pipelines and the construction of a port, etc. Can we rule out the possibility that March GL/80M may already have had talks with the Trump administration about the project?"

As you can see from my posts, I was referring to the possibility of talks with the U.S. government on logistical support for the JL project and nothing else.

ChirpyCheep - You say: "I know Ashton has said 80M have been in discussion with the US government which RM has contradicted here."

Since you mentioned my name in your post, I should reply.

On the one hand, we have JL as a project, and on the other hand, we have a partner for the project (namely, March GL). And it is easy to misread the text in the article out of context. The relevant text we are looking at here carries the heading, "U.S. involvement".

Let's look at the first paragraph, "80 Mile has signed a financing agreement with the U.S. company March GL, which will oversee the planned drilling, and with Pelican, a Nasdaq-listed firm expected to rebrand as Greenland Energy." As we can see, the main focus here is on the "partnership" and is not on the project.

Let's look at the second paragraph, "McIllree said these partnerships bring “decades of Arctic oil experience” to the project but denied any contact with the U.S. government." Again, the main focus here is on the partnership and is not on the project. Also, note there is no break in the sentence.

If you go back and now read the text in its correct context, I believe RM was denying any contact with the U.S. government on forming the partnership with March GL, which is an American company.

Let's now look at what Eric Sondergaard has said in his email to Jimbolina, "80M has indeed had proactive conversations regarding our programs with the EU, Denmark and the USA." The main focus here is on the programs (in other words, projects) and not on partnership.

To sum up, RM was denying any conversations with the U.S government on forming the partnership with March GL. For his part, ES was confirming conversations with the U.S. on 80M's projects.

I guess, before it was announced to the market, 80M would have had conversations with the regulatory authorities on both the terms for the partnership with March GL, as well as details of the plans for the project going forward.

Hope this explanation helps.

https://www.arctictoday.com/british-firm-eyes-major-greenlandic-oil-project-despite-government-opposition/

I don't know what all this noise is about Red Flags. All I can see are Three Bright Green Flags, unless you are colour blind.

DISKO: Drilling in Spring/Summer 2026 (At no cost to 80M, since the partner has assigned US$30 million to the project so far).

JAMESON LAND: Drilling in Summer 2026 (At no cost to 80M, since the partner has assigned US$70 million to the project so far).

GREENSWITCH: Production restart in December 2025.

What's the matter? Let’s celebrate the fact that free money totalling US$100m is now available to progress with drilling two of the largest projects, Disko and Jameson Land, in Greenland in the next 12 months.

As for Disko, 80M is already busy. Work is underway to commission the drilling company and to clear the formalities for fieldwork in 2026 with the regulatory authorities. Onward​s and upwards, and no time to waste on talking about negatives!

In the meantime, who says there won’t be further good news?

No problem, CC.

I keep a close watch on the BLLYF share price because my son (in New York) and cousins (in Wisconsin) are all heavily invested in 80 Mile.

CC - I wanted to share the factual position, but I agree with you. The US daily volume is negligible compared to the UK. A single large trade in the US can tilt the price either way, and also significantly.

Correction: Closing price yesterday - 04/11/25 - 0.74p

USA v UK Share Price Performance Comparison

BLLYF - 2025 (so far)

Low - 20/02/25 - $0.0030

High - 10/10/25 - $0.0148

Increase - 393%

Closing price yesterday - 05/11/25 - $0.0130

80M - 2025 (so far)

Low - 03/04/25 - 0.23p

High - 29/10/25 - 0.79

Increase - 243%

Closing price yesterday - 05/11/25 - 0.74p

RachT2 (02.03.25): "RM sold out (and didn't undertake his legal obligation to inform the market)"

RachT2 (10.01.25): "RM's tenure saw the SP drop from a high of 26.1 down to 5.8p and share dilution of around 200%+. Share dilution has accelerated exponentially since his return. Although even that performance is better than some companies that have been under his tenure. Before he resigned he sold out millions of shares (without making the legally required notice that he had done so) and made himself a mint."

Here you go again.....

RachT2 (04/11/25): "RM cashed out and made himself £millions, yet failed to inform the market as required. As a director, he was legally obliged to declare any significant share sale within 3–5 days — but he didn’t. The market only found out well over a year later."

RachT2 - You now ask me: "So tell me, what makes you think RM won’t or hasn’t done the same again? He’s already got form for exactly this kind of behaviour, hasn’t he?"

I have no intention whatsoever of responding to your comments that could be construed as defamatory.

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What constitutes a defamatory comment?

Defamation refers to a false statement made about an individual, business, or entity that injures their reputation or character. This false statement, also known as a defamatory statement, must be communicated to a third party (e.g. LSE chat board), causing harm to the subject’s reputation. Defamation can occur through various means, including spoken words (slander) or written words and images (libel).

A critical element of defamation is that the statement in question must be false. Opinions, subjective views, or statements of belief are generally protected as free speech and are not considered defamatory. However, presenting an opinion as fact or making false factual claims can potentially lead to a defamation claim.

The false statement must be communicated to a third party (e.g. LSE chat board) and the publication can happen through various channels, including social media (e.g. LSE chat board), print media, broadcast, or even private conversations if overheard or repeated to others.

Defamation must also harm the subject's reputation, and it can be published through various channels, including social media (e.g. LSE chat board), print media, broadcast, or even private conversations if overheard or repeated. This harm can be both tangible and intangible, affecting personal or professional relationships, business opportunities, or social standing. Demonstrating actual damages is often crucial in successful defamation claims.

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Zinky (04/11/25): "80M (or the sole operator RM) does a track record of not acting in the best interests of shareholders (or so it seems)."

If RM fails to act in the best interest of shareholders, he too will be screwed, but by over 456 million times - https://80mile.com/shareholder-information

RachT2 (04/11/25): "I was right on two previous occasions (about the fundraise) when you insisted it wouldn’t happen — and on one of those, I even guessed the exact price. So even if I’m wrong this time, the score still stands at 2–1 in my favour."

For your part, you seem to draw great pleasure from ​correctly predicting a negative event (e.g.​ fundraising). For my part, I draw great pleasure from ​focusing more on positive events. In this case, getting positive answers to two of my three key questions (as for the third question, not exactly the answer I wanted, but at least we will be drilling Disko in 2026, which is better than no drilling at all).

What separates us is therefore obvious. But no FUD spreading, please. That is, presenting non-facts as facts. If you do, I will be back here like a shot!

On 28 March 2025, when things were looking gloomy for the share price at 0.26p, I raised these three questions under a different thread:

Q1: Is it likely or unlikely that Jameson Land will have a partner this year?

Q2: Is it likely or unlikely that there will be production at Greenswitch this year?

Q3: Is it likely or unlikely that Disko will be drilled this year?

On 28 October 2025, I said: "On the day when the March GL partnership RNS came out on 28 April 2025, the share price closed at 0.28p. And on the same day, I said: "I would be pleased with a share price of AT LEAST 1p before the end of 2025 if we have further SUBSTANTIVE news on either Disko or Greenswitch - or even both."

Now that we have had positive answers to two of my three questions listed above (Jameson Land and Greenswitch), they reinforce my expectation of the share price reaching AT LEAST 1p before the end of 2025. Today's closing share price of 0.72p is a high point for 2025 (so far), but I am expecting further encouraging newsflow between now and the year is out." End quote

We got the answer to my third question yesterday. No drilling in 2025, but in 2026.

So, to sum up, 80M has now confirmed the timelines for the all-important milestones for the three key projects as follows:

Disko: Drilling in Spring/Summer 2026

Jameson: Drilling in Summer 2026

Greenswitch: Production restart in December 2025

With timelines for the important milestones already in place, and further encouraging newsflow being likely, I would be pleased with a share price of AT LEAST 1p before the end of 2025.

Correction: Special Purpose Acquisition Company (SPAC)

My brief take on the Disko RNS today. I especially like these three terms for the transaction:

❖ The transfer of 51% ownership to the partner will not be executed until after they have spent $30 million on expenditure.

❖ All funds are to be directed towards drilling rather than reprocessing data, with a minimum of US$10 million to be spent on drilling-related activities.

❖ Drilling to take place in 2026

I intend to find out more about USFM Corporation before passing judgement. It seems USFM Corporation is a Special Purpose Acquisition Vehicle (SPAC) but I am not entirely sure.

CC - Here is the trail for RachT2's recent fundraise predictions:

15/08/2025: " I suggested months ago a likely placing range of 0.20–0.22 - and nothing I’ve seen changes that view.”

Just a month later….

16/09/2025: “ I’d say it’s a 50:50 chance. If it happens, my estimate would now be around the 0.36 - 0.38 level."

Two weeks later....

28/09/2025:” It seems some posters might be waking up to the likelihood of another fundraise, and possibly sooner rather than later.”

Three weeks later.....

21/10/25: ​"I still see an imminent fundraise ahead. In my opinion, the current SP is as high as it’s likely to get until (Jameson Land) drilling progresses. My best guess remains a fundraise around the 0.38 level."

Please note RachT2’s predicted fundraise price still stands at the 0.38p level.

RachT2 (21/10/25): "I still see an imminent fundraise ahead. In my opinion, the current SP is as high as it’s likely to get until (Jameson Land) drilling progresses. My best guess remains a fundraise around the 0.38 level."

RachT2 (22/10/25): "I don’t know what announcements are coming."

On 21/10/25, the share price was 0.68p. And RachT2 was predicting that 0.68p was as high as the share price would get. I have no problem with that, as ​she was ​expressing an opinion. But on the next day (22/10/25), she goes and says, "I don’t know what announcements are coming."

So, RachT2’s opinion of the share price not rising above 0.68p was a blind prediction based on not knowing what news might be in the pipeline. What an odd way to engage in share price prediction!

NB: Please note RachT2’s predicted fundraise price still stands at the 0.38p level.

RachT2 (24/06/25): "Looks like more smoke and mirrors to me. A newly formed Cayman Islands entity has now acquired a company called Greenland Exploration Ltd (GEL), which is apparently a partner of another newly formed outfit — March GL. We’ve heard of March GL (set up purely, it seems, to “partner” 80M), but there’s been no mention of GEL until now, and I’ve yet to find any solid information on them.

So now we have Pelican Acquisitions Corporation partnering with March GL, who in turn is supposedly partnered with 80M. Did anyone know that GEL was already involved with 80M? I certainly don’t recall it being disclosed.

What changes for 80M? Not a great deal on the surface. They’ll still hold 30% if two drills go ahead, but perhaps March GL now has better access to funding to push Jameson Land forward. That said, I sincerely hope this doesn’t turn out to be another version of the Jay / 80M setup — where new projects are trumpeted, entities are created and funds raised, but no real progress or return for investors.

The market’s lacklustre response says a lot. “Doors blown off”? Hardly. Right now, it just feels like more layers of structure without any real substance." - End quote

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RachT2 posted the above about the Jameson Land partnership with March GL, casting doubts on the deal, whatever she can find. We now know that the partnership is backed by global leaders and internationally experienced operators such as Halliburton (founded in 1919 in Houston, Texas), providing initial logistics planning and securing services and IPT Well Solutions (founded in 1991 in Denver, Colorado), providing project management services, and then Stampede Drilling. In the recent podcast I posted, we learnt that the Managing Director of IPT has worked in Siberia​ for 15 years.

RachT2 is doing the same thing to the Disko announcement today. When will she ever learn? But then she is here to spread FUD!