REG - 80 Mile PLC - SEC Approval for Greenland Oil Transaction

80 MileAnnouncement

19/02/2026 07:10

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RNS Number : 6599T  80 Mile PLC  19 February 2026

 

 

                      OTC: BLLYF

 

19 February 2026

 

Pelican Acquisition Corp (NASDAQ.PELI) Granted SEC Approval for Greenland Oil
Transaction. Newly Merged Entity to be Called Greenland Energy (NASDAQ.GLND)

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration
and development company with projects in Greenland, Finland and Italy,
confirms that the SEC has approved the proposed acquisition by Pelican
Acquisition Corporation ("PELI.NAS") or ("Pelican"), the NASDAQ-listed special
purpose acquisition company, of Greenland Exploration Limited ("GEL"), and
March GL ("March GL"), and, subject only to shareholder approval, is now set
to start trading on NASDAQ as Greenland Energy Company under the ticker
"GLND".

Under the terms of 80 Mile's definitive joint venture agreement, PELI is
entitled to earn up to a 70% working interest in Jameson by funding 100% of
the costs associated with up to two exploration wells, each to a minimum depth
of approximately 3,500 metres. 80 Mile will retain a 30% interest in Jameson
through its wholly owned subsidiary White Flame Energy A/S.

Jameson comprises approximately two million acres in East Greenland and has
been the subject of extensive historical exploration by major oil companies.
As previously disclosed by the Company on 29 October 2025, an independent
prospective resources report prepared by Sproule ERCE estimated 13.03 billion
barrels (P10) of gross un-risked recoverable prospective oil resources across
the upper levels of the Jameson Basin, equating to approximately 3.9 billion
barrels (P10) net to 80 Mile. GLND, the Company's JV partner has secured
executed agreements with leading oilfield service providers and has mobilised
heavy equipment to East Greenland in preparation for drilling in H2 2026,
subject to regulatory approvals.

Rod McIllree, Executive Director of 80 Mile, commented:

"With the SEC approval for the transaction between Pelican, GEL and March GL
now received, the newly merged group are expected to start trading under the
ticker GLND on the NASDAQ. This approval was the last hurdle prior to a
shareholder vote. The subsequent start of trading of the newly merged entities
shares is anticipated to start immediately thereafter in early March."

About the Jameson Hydrocarbon Project

The Jameson Land Basin is one of, if not the last, highly prospective, yet
completely undrilled basins globally, but with a clear genetic link to the
North Sea as well as a scale similar to many of the world's major producing
regions. This claim is not without foundation, 80M and GLND will leverage its
acquisition off a comprehensive body of work conducted by US Atlantic
Richfield Company ("ARCO") between 1970 and 1990 when more than US$100m was
invested (1989 US dollars) in detailed exploration and evaluation activities.
ARCO's work identified multiple, very large gas and liquid hydrocarbon
targets.

ARCO's data reverted to the Geological Survey of Denmark and Greenland
("GEUS") upon the US major's withdrawal from Greenland in 1990 with the Danish
Government continuing work on the project area until 2014 when White Flame was
awarded the licences. ARCO and GEUS concluded that the Jameson Land Basin
contains all the essential source, reservoir, seal and trap elements to host
multiple very-large-scale natural & industrial gas reservoirs in addition
to liquid-rich hydrocarbons, particularly in the central and southern central
regions of the basin. This data, in addition to many subsequently commissioned
independent detailed assessments and reports, indicate there are multiple
multi-billion-barrel-equivalent targets within the basin.

·      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 (now GLND) entered into a
binding joint venture agreement for drilling to commence at Jameson. Under
this agreement, GLND 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, GLND 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
(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 Roderick McIllree, a director of 80 Mile PLC,
who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr.
McIllree has sufficient experience, to qualify as a Qualified Person ("QP") as
defined by the AIM rules. Mr. McIllree 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.

 

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

                                                   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 is listed on London's AIM market under the ticker 80M, the
Frankfurt Stock Exchange under the symbol S5WA, and traded on the U.S. OTC
Market under the ticker BLLYF. 80M is an exploration and development company
focused on Hydrocarbons and High-Grade Critical Metal projects in Greenland
and a industrial gas and biofuels business in Italy. 80 Mile offers both
portfolio and commodity diversification focused on hydrocarbons, base and
precious metals, 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 Jameson Project covers 8,429km² across three licences in East
Greenland and represents one of the world's largest remaining untapped gas and
liquids-rich basins. An independent 2025 assessment by Sproule ERCE estimated
the basin contains 13.03 billion barrels (P10) of recoverable oil, with 80
Mile's retained interest equating to 3.9 billion barrels valued at
approximately US$92 million (based on the listing price of GLND). More than
US$275 million has been invested historically by major energy companies and
government institutions. In 2025, a milestone agreement with March GL (to be
renamed Greenland Energy Co, NASDAQ: GLND) enabled plans for two fully funded
3,500-metre drill holes in the second half of 2026, after which GLND will earn
a 70% interest in the Jameson Project, leaving 80 Mile with 30%.

The Disko-Nuussuaq Project, located in West Greenland, covering a
district-scale 3,020km² area. Disko is recognised as a world-class geological
setting for copper, nickel, cobalt and PGEs, with potential for a Tier-1
nickel-copper discovery analogous to Siberia's Norilsk Nickel District. The
project features multiple walk-up drill targets and which includes seven
large, high-priority geophysical anomalies. In late 2025, the company entered
into a JV agreement with USFM Corporation under which USFM will fund US$30
million in drilling-related expenditure, including US$10 million in
spring/summer 2026, to accelerate drilling and resource definition at Disko.
The funding structure will allow 80 Mile to retain operational leadership
during the project's critical early stages.

The Dundas Project, located on Greenland's northwest coast, is recognised by
independent bodies as the world's highest-grade ilmenite project and the
second-largest titanium occurrence globally after Russia. The area hosts
high-purity ilmenite, the primary mineral for titanium. Dundas has a
JORC-compliant Mineral Resource of 117 million tonnes at 6.1% ilmenite, with
further upside highlighted by a late-2024 maiden exploration target of up to
540 million tonnes of additional ilmenite-bearing material. A recent survey by
Geological Survey of Denmark and Greenland further impresses on the
prospectivity of the area with an estimate of up to 17 billion tonnes
(non-JORC) of pure ilmenite within the broader province. With a completed
bankable feasibility study and all exploitation permits in place, the project
is positioned as a major near-term revenue opportunity for 80 Mile as the
company seeks development partners.

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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