RE: Market cap here will be £100m +20 Sep 2025 09:17
Roderick McIllree, Executive Director and founder of the White Flame concessions in Greenland, commented:
"It is with great pride that we now move into the next phase of development of this project. Increased interest and the recent identification of Greenland by various political parties as "the most valuable piece of land on earth, both strategically and from an economic point of view" means we are perfectly positioned to reap huge benefits here, not just in Jameson but potentially on Disko shortly, as well.
"This deal has come after many months of hard work by many people across multiple organisations, whether they be financiers, international legal experts, oil industry experts, or the leaders of the individual companies themselves. What we have now is one big machine that is aligned in its desire to prove the existence of one of the world's last remaining great untapped oil occurrences.
"We receive a 30% free carry in two 3500 metre holes and I strongly suggest interested parties look to see what our partners have described Jameson as. The figures they have used are far more accurate in my opinion and have not been constrained by overly cautious consultants or advisers in the UK. This project is huge on a world scale, has a deep history of very high-quality exploration pointing to potentially globally significant occurrences of oil. I am heartened by the fact that our new partners including industry consultants and contractors of the highest standing in the oil industry have now also independently verified this.
"With these binding agreements we have a strong, fully financed partner with the technical and financial muscle to deliver on these stated objectives and on top of that, we have secured a valuation for our 30% at US$92 million. What is clear is that our new partners appear far more willing to value things properly than their UK based counterparts, something expected to continue as momentum builds.
"With more than $275 million of historic expenditure and investment in the Jameson Basin by global majors, including ARCO, and independent American based resource estimates suggesting up to 40 billion barrels of oil equivalent across the concession, this latest development, the globally recognised names that are involved now and the deep pockets of our financial supporters underscores the strategic significance of the project and validates the strength of our new partners"
Enough said.
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