Greenland Energy has pushed its first test well in eastern Greenland’s Jameson Land Basin to the end of 2027 after repeated delays tied to permitting issues, regulatory pushback and local opposition. The Texas-based company had initially aimed to drill this summer, then shifted plans to winter at the Greenland government’s request for environmental reasons, before a fresh dispute this week over moving drilling equipment triggered a further delay of roughly 18 months. CEO Robert Price told Fortune the setback was frustrating but said the company remains financially sound and still sees major potential in the project, including a test well target of up to 2.9 billion barrels of oil. The effort is unusually sensitive because Greenland has a moratorium on new oil licensing linked to climate concerns, while the company is proceeding under older exploration licenses that survived through extensions and a later partnership with U.K.-based 80 Mile. The project is also unfolding amid heightened political tension over President Donald Trump’s stated interest in annexing Greenland to access petroleum and critical minerals. Since listing on the Nasdaq Global Market in March, Greenland Energy’s market capitalization has fallen nearly 85% to about $54 million.