REG - 80 Mile PLC - 13 Billion Barrel Potential Identified at Jameson

80 MileAnnouncement

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RNS Number : 2977F  80 Mile PLC  29 October 2025

29 October 2025

Independent Petroleum Reserves and Resources Evaluation Identifies 13 Billion
Barrel Potential at Jameson Land Basin, Greenland

 

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration
and development company with projects in Greenland, Finland and Italy, notes
the recent announcement as of October 28(th),  by its US joint venture
partner, March GL Company ("March GL") and Pelican (PELI.Nasdaq) ("Pelican"),
regarding the results of an independent assessment and prospective resources
report prepared by Sproule ERCE (the "Sproule Report") confirming the
world-class potential of the Jameson Land Basin ("Jameson"), located in
Eastern Greenland.

Highlights

·      Independent assessment by US based oil field specialists, Sproule
ERCE estimate 13.03 billion barrels (P10) of gross un-risked recoverable
prospective oil resources across the upper levels of the Jameson Basin

o  The report also highlights potential upside outside these already
identified target areas, across the broader licence and at depth.
Specifically, the Permian base layer

·      80 Mile's attributable share equates to approximately 3.9 billion
barrels (P10) based on its 30% interest post earn-in completion

·      Report identifies 58 prospects and leads, putting Jameson among
the most prospective undrilled basins globally

·    First, free carried, drilling operations expected to commence in
H226, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL entered into a binding joint
venture agreement for drilling to commence at Jameson. Under this agreement,
March GL will fund 100% of the costs associated with up to two exploration
wells (each to a minimum depth of 3,500 metres) designed to delineate the
hydrocarbon potential of the Jameson Basin.

In return, March GL may earn up to a 70% working interest, with 80 Mile
retaining a 30% interest through its wholly owned subsidiary White Flame
Energy A/S upon completion of the second well. Until that time, 80 Mile
retains 100% legal ownership of the licences covering approximately two
million acres in Eastern Greenland.

The Sproule Report, prepared in accordance with the Petroleum Resources
Management System ("PRMS 2018"), assesses total gross unrisked recoverable
prospective resources of approximately 13.03 billion barrels (P10) across 58
identified prospects. The report can be found on the SEC website here;

https://www.sec.gov/Archives/edgar/data/2037431/000182912625008407/pelicanacq_ex99-1.htm

Of this, 80 Mile's attributable interest under the full earn-in structure
equates to approximately 3.9 billion barrels (P10).

The report also highlights the multiple, stacked, large and high-quality
structural reservoirs and stratigraphic traps, as well as the significant
exploration upside across the basin. Sproule's findings confirm Jameson's
scale and geological quality, ranking it amongst the world's most significant
untested hydrocarbon provinces.

Preparations for drilling are ongoing, with Halliburton contracted to provide
drilling services and logistics support, and IPT Well Solutions appointed as
project manager. Mobilisation of a 3,500-metre-capable rig is now scheduled
with shipping and logistics agreements already executed with leading service
providers.

Competent Person Report

The information in this announcement relating to Prospective Resources of the
Jameson Land Basin, Greenland Evaluation is based on information compiled by
Jeffrey Aldrich, Principal Geoscientist P.G., L.P.G, Sproule
ERCE. Certified Petroleum Geologist (CPG), Jeffrey Aldrich is a member of The
American Association of Petroleum Geologists and has sufficient experience of
petroleum reserves and resources evaluation under consideration, and to the
activity he is undertaking to qualify as a Competent Person.

The scientific and technical disclosure included in the Sproule Report has
been reviewed and approved by Eric Sondergaard, a director of 80 Mile PLC, who
is also a Member of the Alberta Association of Professional Geoscientists and
Engineers (APEGA). Mr. Sondergaard has sufficient experience, to qualify as a
Qualified Person ('QP') as defined by the AIM rules. Mr. Sondergaard has
additionally reviewed this press release and consents to the inclusion in the
press release of the matters based on his information in the form and context
in which this appears.

Roderick McIllree, Executive Director of 80 Mile, commented:

"I first visited Jameson Land over a decade ago and was struck by its scale
and geology. It truly is a remarkable project.

This latest report represents a major milestone for Jameson. It marks the
first time the project has been formally recognised within the U.S. energy
sector. Based on this report and the Pelican presentation, and on a P10 basis,
Jameson now ranks as the thirteenth largest undeveloped oil accumulation
globally, as filed with the SEC.

The significance of that cannot be overstated. Western Europe built its modern
economies and sovereign wealth funds on North Sea oil, and it now appears that
Greenland may host a comparable, and largely untapped, resource base.

With a listed and fully funded U.S. joint venture partner, soon to be renamed
Greenland Energy Company, we are now positioned to drill and answer a question
that has remained unresolved for more than sixty five years."

 

For further information please visit http://www.80mile.com
(http://www.80mile.com/)  or contact:

 Eric Sondergaard                                  80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / Adam Cowl                           SP Angel Corporate Finance LLP       +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)  +44 (0) 20 3829 5000
 Megan Ray / Said Izagaren                         BlytheRay                            +44 (0) 20 7138 3204

(Media Contact)

                                                                                        80mile@blytheray.com (mailto:80mile@blytheray.com)

 

About 80 Mile Plc:

 

80 Mile Plc, listed on the London AIM market under the ticker 80M, Frankfurt
Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an
exploration and development company focused on high-grade critical metals in
Tier 1 jurisdictions. With multiple projects in Greenland, as well as a
developing industrial gas and biofuels business in Italy, 80 Mile offers both
portfolio and commodity diversification focused on base metals, precious
metals, and industrial gas while expanding into sustainable fuels and clean
energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centred on
advancing key projects while creating value through partnerships and strategic
acquisitions.

80 Mile's acquisition of White Flame Energy and the Jameson licenses in East
Greenland has positioned the Company in one of the world's most compelling
undrilled hydrocarbon basins. Under its agreement with March GL, drilling of
two fully funded wells is set to commence, with Pelican Acquisition
Corporation's merger with Greenland Exploration valuing 80 Mile's retained 30%
interest in Jameson at approximately US$92 million. This acquisition and
partnership significantly expand 80 Mile's exposure to the energy sector while
advancing its strategy of developing both conventional and sustainable energy
opportunities.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary
focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest
Greenland, is fully with a JORC-compliant Mineral Resource of 117 Mt at 6.1%
ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is poised
to become a major supplier of high-quality ilmenite. Recent discoveries of
hard rock titanium mineralisation, with bedrock samples showing nearly double
the ilmenite content of previous estimates, further enhance the project's
world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under
its subsidiary Dundas Titanium A/S in Greenland.

80 Mile PLC has executed an asset purchase agreement with Amaroq Minerals Ltd.
(AIM, TSXV, NASDAQ Iceland: AMRQ) to divest its 100% interest in the
Kangerluarsuk zinc-lead-silver project in Greenland. Under the terms of the
agreement, 80 Mile will receive US$500,000 in Amaroq shares upon completion,
with a further US$1,500,000 payable in cash or shares upon the discovery of an
economic deposit, defined by a JORC or NI 43-101 compliant resource that
supports development.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and
uncertainties. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, including with respect to
the initial public offering, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking statements. No
assurance can be given that the initial public offering will be completed on
the terms described, or at all, or that the net proceeds of the offering will
be used as described in the offering prospectus. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.

 

 

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