Greenland Energy Appoints Sidus Space CEO Carol Craig to Board of Directors

Greenland Energy (NASDAQ: GLND), an oil exploration company targeting East Greenland's Jameson Land Basin, announced the appointment of Carol Craig to its board of directors, effective June 5, 2026. Craig, who is founder, CEO and chair of Sidus Space, was appointed as a Class I director to fill the vacancy created by Daniel M. McCabe's resignation and will also serve on the board audit committee. The full press release is available at https://ibn.fm/MeawW.

Craig brings extensive leadership experience in the aerospace and technology sectors, which may provide a fresh perspective on Greenland Energy's operations in a challenging Arctic environment. The company is focused on responsibly developing hydrocarbon resources in the Jameson Land Basin, a region that has been studied since the 1970s but has never produced a commercial discovery. A 2008 USGS report indicated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation, underscoring the high-risk nature of the venture.

Greenland Energy faces significant exploration and geological risks, including its status as a development-stage company with no operating history, revenues, or proved reserves. The 13 billion barrel estimate is based on undiscovered accumulations with no certainty of discovery or commercial viability. Geological complexity arises from limited seismic data coverage, pervasive igneous intrusions, faulting patterns, and significant Tertiary uplift creating thermal maturity uncertainty. Drilling in the remote Arctic location presents operational challenges such as extreme climate, harsh weather, limited daylight, and no existing infrastructure. Estimated well costs are $40 million for the first well and $20 million for subsequent wells.

Regulatory and political risks also loom. A 2021 Greenland drilling moratorium exists, though licenses are grandfathered; future regulatory changes could jeopardize operations. Geopolitical tensions, including U.S. interest in acquiring Greenland and internal independence movements, could affect operations. Drilling requires Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities, and failure to meet drilling milestones could result in loss of the company's right to earn working interests.

Financially, the company requires substantial capital beyond current resources to complete the drilling program. Commodity price volatility and the long development timeline, unlike short-cycle shale projects, add uncertainty. Energy transition risk is also a factor, as global demand for oil may decline due to electric vehicle adoption and renewable energy policies. The company has expressed going concern uncertainty and substantial doubt about its ability to continue as a going concern without additional financing. Forward-looking statements in the release highlight these risks, as detailed in the company's Prospectus filed with the SEC on April 29, 2026. The terms of use and disclaimers are available at http://IBN.fm/Disclaimer.