Greenland Energy assumes Jameson Land permits, pays £500,000 and extends drilling deadlines

  • Greenland Energy amended its Jameson Land Farm-Out Agreement with 80 Mile plc.
  • £500,000 will be paid to 80 Mile within five business days of effectiveness.
  • GLND shares rose 60.48% to $4.67 Thursday, after a 138% Monday jump.

Greenland Energy Company has amended its Farm-Out Agreement with 80 Mile plc and assumed the rights and obligations previously held by its wholly owned subsidiary, March GL Company, for the Jameson Land Basin in East Greenland. The first exploration-well deadline was extended from December 31, 2026, to December 31, 2028, while the second moved from December 31, 2027, to December 31, 2028. Greenland Energy will take sole responsibility, at its own cost, for obtaining and maintaining permits and approvals required for the drilling program, while 80 Mile retains responsibility for other government consents and will assist with permitting. Greenland Energy will pay 80 Mile a £500,000 fee within five business days of the amendment's effective date. The underlying Farm-Out Agreement remains in force, and the company said the revised schedule preserves operational work already completed while permitting continues. Greenland Energy shares rose 60.48% to $4.67 Thursday, following a roughly 138% jump earlier in the week on heavy volume as investors focused on a new U.S.-Denmark-Greenland security agreement and the prospect of deeper U.S. involvement in Greenland.

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