REG - 80 Mile PLC - 80 Mile’s 30% Jameson Interest Valued at US$92M

80 MileAnnouncement

10/09/2025 13:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250910:nRSJ8262Ya&default-theme=true

RNS Number : 8262Y  80 Mile PLC  10 September 2025

10 September 2025

Pelican Transaction Values 80 Mile's 30% Jameson Interest at US$92M

80 Mile PLC ('80 Mile' or the 'Company') notes the 09 September 2025
announcement by Pelican Acquisition Corporation (NASDAQ: PELI) ('Pelican'), a
company formed as a special purpose acquisition company, regarding its
Definitive Agreement and Plan of Merger with Greenland Exploration Limited
("GEL"), 100% owned subsidiary of March GL Company. GEL has an agreement with
March GL Company ("March GL") that will allow it to earn up to 70% in 80
Mile's Jameson liquid hydrocarbon project in Greenland ("Jameson").

Highlights

·    Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive
Merger Agreement with GEL and March GL

·    Company to be Renamed Greenland Energy Company, Ticker GNLD Reserved

·    Pelican currently trades under PELI on NASDAQ

·    $215 Million Implied Valuation for 70% ownership excluding cash

As announced by 80 Mile on 28 April 2025
(https://www.londonstockexchange.com/news-article/80M/agreement-reached-to-drill-jameson-basin/17007536)
, March GL and 80 Mile entered into a binding agreement for drilling to
commence at the Jameson basin in East Greenland. March GL will fund 100% of
the costs associated with up to two exploration wells (minimum of 3,500m each)
designed to delineate the hydrocarbon potential of the Jameson Basin. In
return, March GL will earn up to 70% interest of the 3 licenses covering the
Jameson basin. The Definitive Merger Agreement between Pelican and Greenland
Exploration values March GL at approximately US$215 million not including the
expected US$86m in cash post transaction.

As a result, this values the remaining 30% of the Jameson project that will be
retained by 80 Mile at c. US$92 million.

March GL already has in place executed agreements with Halliburton to support
logistics planning and provide drilling services, and with leading shipping
and logistics companies to mobilize a 3,500-meter-capable drilling rig as well
as other required consumables and equipment. IPT Well Solutions has also been
retained as project manager to provide additional drilling oversight and
technical support. Together, these preparations mark the decisive first step
toward drilling in Jameson Land Basin-an opportunity that has stood for
decades as one of the most compelling undrilled prospects in the world.

Under the terms of the Definitive Merger Agreement, Pelican, GEL, and March GL
will merge into Pelican Holdco, Inc. which will be renamed Greenland Energy
Company following the closing of the transaction and is expected to trade on
Nasdaq under the ticker GLND. The transaction reflects a combined implied
equity value of approximately US$337 million (based on US$10.00 per share) and
is expected to close in the fourth quarter of 2025. In addition, Roderick
McIllree will be appointed to the Board of Pelican as an executive director,
representing 80 Mile.

Approval for sealift of support equipment and infrastructure has been granted
by the Greenland Government, with current field activity consisting of heavy
equipment mobilisation.

80 Mile will retain 100% ownership of the licenses until completion of the two
drill holes then will hold its 30% interest in the Jameson Concession through
White Flame Energy A/S, its 100% owned subsidiary. All parties involved
recognise that continued activity at Jameson is subject to ongoing Greenland
approval and will continue to work with Greenlandic regulators for such.

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"

Directors of 80 Mile, including Roderick McIlree, Eric Sondergaard and Troy
Whittaker, all subscribed for and are shareholders of March GL.

 

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, 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.

80 Mile's recent acquisition of White Flame Energy and the Jameson licenses
expands its portfolio into the energy and gas sector, adding large-scale
licenses for liquid hydrocarbons in East Greenland. Approved by shareholders
in July 2024, this acquisition diversifies the Company's assets and aligns
with its strategy to contribute to sustainable energy solutions, while also
exploring conventional energy resources.

About March GL Company

March GL Company, a privately-owned Texas Corporation, entered into an
agreement with 80 Mile, for drilling to commence at the Jameson basin in
Greenland.  March GL will fund 100% of the costs associated with two
exploration wells which are designed to determine the hydrocarbon potential of
Jameson. In return, March GL will earn 70% interest in the licenses of the
entire basin. March GL Company will be appointed by White Flame A/S as Field
Operations Manager.

About Greenland Exploration Limited

Greenland Exploration Limited is a special purpose vehicle domiciled in Texas,
focused on developing strategic interests in North American energy assets.
Through its partnerships and acquisitions, GEL aims to deliver long-term
shareholder value in a dynamic global energy market.

About Pelican Acquisition Corporation

Pelican Acquisition Corporation is a blank check company formed for the
purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more
businesses.

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGREAANEFFFSEFA