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

​80M's key projects are Disko, Greenswitch and Jameson Land (JL). This ​note covers the oil & gas JL project, where 80M has partnered with March GL from Texas, US.

​1. March GL has publicly stated its project mission for JL as: "To unlock Greenland’s vast hydrocarbon potential through innovative exploration in the Jameson Land Basin, driving energy security and economic growth."

2. This month (September 2025), a ship with drilling equipment will leave Canada for Greenland.

3. Initially, two wells will be drilled, starting with the first well in Q4 2025.

4. Drill results are expected in early 2026.

5. Potential oil reserves for well 1 and well 2 are 1.9 billion barrels and 706 million barrels, respectively.

6. All costs associated with the drilling of both wells (including mobilisation and demobilisation) will be met ​entirely by March GL.

7. After the 1st well is drilled, March GL will acquire 50% ownership of JL, and after the 2nd well, a further 20% will be acquired. This would leave 80M with 30% ownership.

8. Between 1970 and 1990, the US Atlantic Richfield Company (ARCO) invested more than US$100m (1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid hydrocarbon targets. ARCO's data reverted to the Geological Survey of Denmark and Greenland (GEUS) upon ARCO's withdrawal from Greenland in 1990, with the Danish Government continuing work on the project area until 2014. ARCO and GEUS concluded that the Jameson Land Basin contains all the essential source, reservoir, seal and trap elements to host multiple very-large-scale natural & industrial gas reservoirs in addition to liquid-rich hydrocarbons, particularly in the central and southern central regions of the basin. This data, in addition to many subsequently commissioned independent detailed assessments and reports, indicates there are multiple multi-billion-barrel-equivalent targets within the basin.

9. 80M owns three exploration and production licences covering 8,429 km² of the entire basin on the Jameson Peninsular of East Greenland. The unique features of the licences are:

a) No other mining company in Greenland holds licences for oil exploration or production.

b) On 24 June 2021, the Government of Greenland stopped issuing new licences for oil exploration and production. This means no other mining company will ever be able to obtain such licences now or in the future.

c) Should 80M's licences be allowed to fall by the wayside due to non-compliance with the regulatory requirements, no other company would be able to acquire the licences after they expire due to the reason stated in (b). This is NOT the case with other licences that 80M holds. For example, if Disko licences were allowed to expire, another company could step in and apply for them, and if successful, would become the new owner.

Continued.....

BenAlder - ​Good post, presented in a measured manner. If I can pick up on just one but important 'factual' matter. You say, "Cairn Energy was the last major to explore the seas off Greenland. East of JL. Spent a fortune and turned up zilch. Nearly broke them."

Cairn Energy's exploration was off the coast of western Greenland (Disko area​ - see map in this article) and NOT east of JL - https://nunatsiaq.com/stories/article/65674cairn_wraps_up_greenland_drilling/

As for JL, only "Time Will Tell" (see last para of this article) - https://geoexpro.com/hydrocarbon-potential-of-the-jameson-land-basin/

Wealth Warning: I have repeatedly said here that this is a roll-of-the-dice play for aggressive investors with a high-risk tolerance. Cautious investors should wait for drilling results.

Jimbolina - I am glad you didn’t have to wait too long for Eric Sondergaard’s reply, and thank you for sharing the contents of his email. I should say I am not surprised ES has confirmed that 80M has had PROACTIVE conversations on the company's projects with not only the EU, Denmark, but also with the US. This raises the question as to who 80M talked to in Trump's administration, and what the conversation was about.

On 18 July 2025, I posted that 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 had successfully completed the exploration phase (after oil reserves from drilling have been proved), and before moving on to the exploitation (extraction) phase. The idea of the US providing financial support for infrastructure was NOT wishful thinking on my part as it was information I gathered through my research.

Please also note, in my post addressed to you on 4 September 2025, I stated: "I may well expand on the subject of Chris Wright (US Energy Secretary) at a later date."  

Changing the subject somewhat, it was encouraging to hear ES say that the agreement between 80M and March GL announced on 28 April 2025 has materially advanced since the last market update, and that the company hopes to be able to make a release on this in the near term.

I was also pleased to note ES say, "The Pelican / March GL agreement is currently non-binding, however, 80M will enthusiastically release this news if/when it becomes binding."

On 31 Aug 2025, I said my understanding is that the follow-up work on Pelican / Greenland Exploration Limited Letter of Intent (LOI) was progressing well towards a binding agreement. Again, this was NOT wishful thinking on my part, as it was information I gathered through my research.

In conclusion, I would say:

1. If Jameson Land wells prove that they contain a significant amount of oil reserves, I expect the US government to provide financial support for Jameson Land infrastructure.

2. It is all but certain that we will have a positive announcement on the Pelican / Greenland Exploration Limited binding agreement - hopefully not too long to wait.

You accuse me of engaging in personal attacks and in the same breath go and say: "Some people really do specialise in being consistently useless."

Did you not say in your post to me on 28 May 2024 14:47, and I quote: "I intend to curb my naturally abrasive manner and to ensure that my posts are more considerate and circumspect." Here is that post - https://www.lse.co.uk/profiles/racht2/?page=25

Sadly, your posts have actually got much worse since May 2024, and no one has to be a psychologist to see the obvious.

Oh dear, there you go again!

As WFT accurately described, "You clearly have some unresolved issues, and it's striking that you're the only one who doesn't seem to recognize it. Your fixation on BB is deeply unsettling—it’s become the centerpiece of your life, despite you having no real stake in it whatsoever. The level of BITTERNESS you display is astonishing. Honestly, you'd be far better off if you let go of this OBSESSION with tearing down the company. It’s doing far more harm to you than anyone else."

To the above, I would add that the 80M chat board is not going to provide a cure for your troubled mind. If anything, your continued BITTERNESS and OBSESSION are becoming even more deep-seated. Sad​!

In the note I posted on 17 Aug 2025, I said: "The ​March GL consortium is made up of oil industry men from Austin (Texas) and Denver (Colorado), comprising 10 people at this stage. Some are individuals, and others are family oil dynasties. Basically, they are a collection of wildcatters who have made fortunes in the US over the last 40 years."

Talking about wildcatters, take a look at this article - https://www.ft.com/content/63e6ef98-363e-435c-9621-c628086300d0

Jimbolina - Do take a special note of the fact that Christ Wright (Energy Secretary) features prominently in the article. Earlier this year, Wight visited Greenland, along with Vice President J D Vance - https://www.eenews.net/articles/energy-secretary-heads-to-mineral-rich-greenland/

I may well expand on ​the subject of Chris Wright at a later date.

Here is your post from 30/09/2024 - https://www.lse.co.uk/profiles/racht2/?page=18

As I predicted, it does NOT answer my question: Why do you not post on the other stocks you claim you hold in your portfolio?​

Until you have answered this question, your real motive for being will remain demonstrably dubious, to say the least.

Rach - Stop preaching to others about FACTS.

On 12 Feb 2025, you said: "I make a comfortable living from my own portfolio." On 9 Jul 2025, you said: "My only agenda here is to ensure a balanced representation of the facts."

I therefore asked you a reasonable question as to why you focus only on 80M and don’t post on the other stocks in your portfolio in the interest of "balanced representation of the facts". You did NOT answer my questions. So I asked you again. This time you replied, but claimed you had already answered my question. I asked you to produce that alleged reply, but you refused to do so. I will tell you why you could NOT produce that post. It does NOT exist.. If the existence of that post is a FACT, just produce it. I can, however, predict your reply. It will be just the usual deflection and dodging. Don't preach to us about FACTS if you can't live up to them.

NB: Since coming on this board in March 2024, you have posted over 500 posts on 80M/Bluejay and none on the other stocks you claim you hold.

ES has two email addresses. You will find them at the bottom of the RNS releases dated 17 January 2024 and 19 December 2024. I use the one in the January RNS.

ES is an extremely busy person - too many balls to juggle! So, if he does not reply the first time, send him a reminder. Good luck!

Jimbolina (2 Sept 2025) "In one of the videos that Rod did he waxed lyrical about what it (Jameson Land) could be worth and noted the sort of money it could throw off may be comparable to the sovereign wealth fund of Norway which is circa 2 trillion dollars (note this took decades to reach)."

Yes, RM did make a reference to Norway's sovereign wealth fund in this video (dated May 2025) about the JL project. Anyone who missed the video, watch it from 5:45 - https://youtu.be/HGLMGm0zyEU?t=2

P.S.: Did you manage to contact Eric Sondergaard to check whether 80M has had any conversations with the EU, Denmark, or the Trump administration about installing any critical infrastructure (roads, a pipeline, or a docking port) in support of 80M’s projects, particularly the JL project?

IvRoche - A highly rational and balanced post (as always). Thank you.

I agree 100% when you say, "The bigger risk is that if PAC do absorb Gel, as I have already flagged, investors won’t need 80M to gain exposure to Jameson Land - they could just buy PAC directly on NASDAQ. That would put the capital and liquidity with PAC, leaving 80M dependent on whatever crumbs can be negotiated."

I am sure RM will know what you have highlighted. The question is, how will he get the best out of this predicament, should it come to it?

To my mind, the impending definitive agreement between Pelican Acquisition Corporation (PAC) and Green Exploration Limited (GEL) raises a few questions:

1. Will March GL be absorbed into the expected merger between PAC and GEL? If so, to all intents and purposes, March GL would then become a listed company on NASDAQ.

2. Will the newly merged company (listed on NASDAQ) raise funds in the market to make a bid for 100% ownership of Jameson Land?

3. If so, when are they likely to make the bid? (a) Before the first Well is drilled (b) After the first Well is drilled (c) After the two Wells are drilled.

As things currently stand, 80M owns 100% of JL. After the first Well is drilled, the ownership would drop to 50%. After the first and second Wells are drilled, the ownership would fall even further to 30%. If they strike a substantial amount of oil in the 1st Well, the value of JL would rise significantly. The value would rise even more if the 2nd Well also proves substantially successful. This scenario creates a dilemma about the timing for making a bid for JL. For example, 30% of JL (after both Wells have been drilled successfully) could potentially be worth significantly more than 100% of JL (before any drilling).

It is also possible that there will not be any bid for JL at all.

Just sharing my thoughts.

Wealth Warning: This is a roll-of-the-dice play for aggressive investors with a high-risk tolerance. I have already placed my bet.

Cheshirebull (25.08.2025)- You suggested that there must be quite a lot of negotiations going on behind the scenes between the NASDAQ-listed Pelican Acquisition Corporation (PAC) and the private company Greenland Exploration Limited (GEL) before the definitive agreement between them is concluded.

Yes, you are spot on. The announcement from PAC on 23 June 2025, in fact, referred to this very matter. Before the definitive agreement can be concluded, the transaction is subjected to:

❖ Completion of due diligence

❖ Approval by the boards of PAC and GEL

❖ Approval by the shareholders of PAC and GEL

❖ Compliance with the regulatory and other customary conditions

That’s a lot of formalities to get through before the definitive agreement can be concluded. But my understanding is that the process is progressing well, and let’s hope we don’t have to wait too long for the announcement from PAC.

Changing the subject slightly, in May 2025, PAC listed on NASDAQ under the symbol PELI. The investment bank EarlyBirdCapital (EBC) acted as the lead underwriter for the IPO (1st link below). This was also stated in the PAC announcement on 23 June 2025. I won’t be surprised if EBC were to provide M&A services for PAC and GEL, should the definitive agreement ​combine these two companies into one. Please note, EBC specialises in M&A (2nd & 3rd links below).

Should PAC and GEL merge and become one company, where would that leave the status of March GL, which is currently a private company and a partner of GEL on 80M's Jameson Land project? Are we in for some interesting times ahead?

EBC underwrites PAC's IPO - https://www.earlybirdcapital.com/spac-transactions/completed-spac-ipos

EBC's services - https://www.earlybirdcapital.com/about/overview

Mergers completed by EBC - https://www.earlybirdcapital.com/spac-transactions/completed-spac-mergers

Cheshirebull (25.08.2025)- You suggested that there must be quite a lot of negotiations going on behind the scenes between the NASDAQ-listed Pelican Acquisition Corporation (PAC) and the private company Greenland Exploration Limited (GEL) before the definitive agreement between them is concluded.

Yes, you are spot on. The announcement from PAC on 23 June 2025, in fact, referred to this very matter. Before the definitive agreement can be concluded, the transaction is subjected to:

❖ Completion of due diligence

❖ Approval by the boards of PAC and GEL

❖ Approval by the shareholders of PAC and GEL

❖ Compliance with the regulatory and other customary conditions

That’s a lot of formalities to get through before the definitive agreement can be concluded. But my understanding is that the process is progressing well, and let’s hope we don’t have to wait too long for the announcement from PAC.

Changing the subject slightly, in May 2025, PAC listed on NASDAQ under the symbol PELI. The investment bank EarlyBirdCapital (EBC) acted as the lead underwriter for the IPO (1st link below). This was also stated in the PAC announcement on 23 June 2025. I won’t be surprised if EBC were to provide M&A services for PAC and GEL, should the definitive agreement ​combine these two companies into one. Please note, EBC specialises in M&A (2nd & 3rd links below).

Should PAC and GEL merge and become one company, where would that leave the status of March GL, which is currently a private company and a partner of GEL on 80M's Jameson Land project? Are we in for some interesting times ahead?

EBC underwrites PAC's IPO - https://www.earlybirdcapital.com/spac-transactions/completed-spac-ipos

EBC's services - https://www.earlybirdcapital.com/about/overview

Mergers completed by EBC - https://www.earlybirdcapital.com/spac-transactions/completed-spac-mergers

CC - Yes, it’s no secret that I am a fan of Disko, but then there is someone who is even a greater fan, and that is RM - I know this for a fact. According to RM, Disko is still very much a priority for 80M. How they are going to progress the project is what we are waiting to hear.

Thank you, Jimbolina, for posting that video. The BBC also reported on the subject yesterday.

Separately, Denmark issued its first apology over the forced contraception of Greenlandic women.

https://tinyurl.com/4dtnaw3w

https://tinyurl.com/2td49thj

Some key events. What is fascinating is how they unfolded in a certain chronological order.

10 July 2024 - At the General Meeting, 80M shareholders approved the acquisition of the Jameson Land asset (White Flame Energy).

23 July 2024 - Pelican Acquisition Corporation (PAC) was incorporated as a shell company under the laws of the Cayman Islands (click on the second link below for more information).

March 2025 - March GL was created.

28 April 2025 - 80M and March GL enter into a binding heads of terms agreement on the Jameson Land project.

23 May 2025 - PAC is listed on NASDAQ.

27 May 2025 - PAC carries out IPO.

23 June 2023 - PAC and Greenland Exploration Limited (GEL) entered into a 'Letter of Intent(LOI)'. The LOI is to be followed by a definitive agreement. We are now waiting for confirmation of the definitive agreement - https://tinyurl.com/mws4s7y7

Observations regarding the chronological sequence of the above events:

a) PAC was not created until after 80M shareholders had approved the acquisition of the Jameson Land asset (White Flame Energy).

b) PAC's listing on NASDAQ and IPO were not carried out until after 80M and March GL had formed a partnership.

Maybe a coincidence, maybe not - nevertheless, the sequence is quite interesting - time will tell!

This press release gives some useful information about PAC (3 June 2025) - Report of Independent Registered Public Accounting Firm (Form 8-K) - https://tinyurl.com/2s3ua9ak

PAC shareholders (Total number of shares in issue 12 million) - https://tinyurl.com/5n7zh43w

NB: As soon as the Pelican Acquisition Corporation - Greenland Exploration Limited definitive agreement has been concluded and announced, I hope to post the link.

IvRoche - You say under the thread entitled 'Optimism' (20 Aug 2025 15:00): "RM owns about 6%."

1. Going by the company information, the number of ordinary shares in the capital of the company in issue is 4,329,127,203: RNS 4 August 2025 - https://www.80mile.com/regulatory-news/83189

2. As at 12 August 2025, Roderick McIllree's shareholding is 456,462,516 or 10.54% (456,462,516 ÷ 4,329,127,203) - https://www.80mile.com/shareholder-information

In his reply to a question from ChirpyCheep, IvRoche gave this reply (20 Aug 2025 15:00) under a different thread.

["On your questions: Does RM and co have enough voting power to take liberties? Not really. RM owns about 6%, and insider holdings overall are in the 7–8% range pre-EBT. The 10% in the EBT is held in trust - until those shares are vested and actually allocated, they don’t count toward voting power. So no, they can’t just steamroll the shareholders and look if we don't want RM at the helm then vote against him at the AGMs (if he falls below 80% support he is a goner in my view). Could someone take them out? Yes - it wouldn’t take huge money at these levels to build a significant stake or even make a move, especially if delivery doesn’t follow big promises plus there is always a risk we are taken private."]

~~~

I have been thinking about a possibility since the announcement on 23 June 2025 by Pelican Acquisition Corporation (I promptly posted the announcement on the same day under the thread "Jameson Land: Will it be the Promised Land for 80M Shareholders?") - https://tinyurl.com/mws4s7y7

The above comment by IvRoche has triggered me to share my thoughts. Let me expand.

On 23 June 2025, NASDAQ-listed Pelican Acquisition Corporation (PELI) and private Greenland Exploration Limited entered into a Letter of Intent (LOI). We are now waiting for confirmation of the LOI becoming a definitive agreement. Should the agreement be confirmed, it would, in effect, be a reverse merger agreement to acquire Pelican Acquisition Corporation, a process by which Greenland Exploration Limited would then become a publicly traded company through the acquisition of the publicly traded PELI, a shell company.

In effect, as a publicly listed company, will Greenland Exploration Limited go after some of the mining assets in Greenland? For example, the takeover of, or merger with, 80M?

If you think what I have uttered is outlandish, just bin it in the trash can!

Footnotes:

RNS 19/05/2025: “The Company remains confident of the potential of the Disko-Nuussuaq project and in its ability to now ATTRACT A PARTNER that will focus on advancing the asset to drilling and hopes to make a further announcement on this in due course.”

RNS 31/07/2025: "The Company is committed to advancing the Disko-Nuussuaq project, and remains confident of its potential. 80 Mile is currently in DISCUSSION WITH MULTIPLE PARTNERS in order to advance the project further, and this REMAINS A PRIORITY. The Company hopes to make a further announcement on this in due course.