Greenland Energy Targets Jameson Land Basin with Two-Well Drilling Program

Greenland Energy (NASDAQ: GLND) is moving forward with plans to explore the Jameson Land Basin in Greenland, a vast onshore region spanning more than 8,400 square kilometers that remains one of the world's largest underexplored hydrocarbon areas. Under an agreement with 80 Mile, Greenland Energy will fully fund a two-well drilling program scheduled for the second half of 2026, earning a 70% interest in the project while 80 Mile retains 30%. The basin has attracted decades of industry attention and significant historical investment due to its potential resource scale.

To support the program, GLND has engaged Halliburton to provide consulting services, logistics planning, and operational support. Additionally, agreements with Stampede Drilling are expected to enhance drilling capabilities and execution. The company believes these partnerships position it to efficiently evaluate the basin's potential while leveraging advanced technologies and expertise for Arctic operations.

The Jameson Land Basin carries substantial geological risks. Despite decades of study dating back to the 1970s, the basin has never produced a commercial discovery. A 2008 U.S. Geological Survey report estimated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. The basin's geological complexity includes limited seismic data coverage, pervasive igneous intrusions, faulting patterns, and significant Tertiary uplift creating thermal maturity uncertainty. Estimated well costs are $40 million for the first well and $20 million for subsequent wells, reflecting the high-cost frontier environment.

Operational challenges are significant. The remote Arctic location presents extreme climate, harsh weather, limited daylight, and no existing infrastructure. Seasonal access windows for equipment and personnel are narrow. Drilling hazards such as blowouts, equipment failures, and environmental releases are inherent in oil and gas operations, and the company relies on third-party contractors. Environmental groups and institutional investors increasingly oppose Arctic drilling due to climate change concerns.

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

Financially, the company faces significant capital requirements and needs substantial funding beyond current resources to complete the drilling program. Commodity price volatility will heavily influence project viability, and the long development timeline means market conditions may change significantly before potential production. The company has expressed going concern uncertainty and substantial doubt about its ability to continue as a going concern without additional financing. Energy transition risk also looms as global oil demand may decline due to electric vehicle adoption and renewable energy policies.

Despite these risks, the company is moving ahead. For more details, visit https://ibn.fm/jBfsR. The company's forward-looking statements and risk factors are detailed in its filings with the SEC, including those under "Risk Factors" in its Prospectus filed on April 29, 2026, and subsequent reports.