In a groundbreaking announcement, 80 Mile Plc, along with its U.S. joint venture partners March GL and Pelican, has revealed a remarkable independent assessment by Sproule ERCE. The report identifies 13.03 billion barrels of gross un-risked recoverable prospective oil resources in Greenland’s Jameson Land Basin.
Historic Oil Find in Jameson Land Basin, Greenland
This discovery places the Jameson Land Basin among the most promising undrilled oil basins in the world. For 80 Mile Plc, its estimated share of this massive find equals approximately 3.9 billion barrels of oil. Such a large-scale discovery highlights the vast energy potential hidden beneath Greenland’s icy landscapes.
The independent verification by Sproule ERCE adds credibility and scientific strength to this resource estimate. This respected global energy consultancy specializes in petroleum evaluation and resource classification. Their report underlines that the Jameson Land Basin holds significant hydrocarbon potential, largely untapped due to Greenland’s remote geography and challenging conditions.
The company plans to commence drilling operations in the second half of 2026, fully funded by March GL. As part of the agreement, March GL will earn up to a 70% interest in the project by covering the drilling costs. This funding arrangement means 80 Mile can move forward without heavy financial strain, while still maintaining a meaningful stake in the vast resource.
The Jameson Land Basin is located in eastern Greenland, an area known for its sedimentary formations that are rich in hydrocarbons. Despite its potential, it has remained mostly unexplored due to limited infrastructure and harsh environmental conditions. The recent findings could change that narrative, putting the Jameson Land Basin on the global energy map.
80 Mile Plc Expands Energy Frontiers in Jameson Land Basin
80 Mile Plc is a London AIM-listed exploration and development company with additional listings on the Frankfurt Stock Exchange and the U.S. OTC Market. The company is known for its focus on high-grade critical metals and strategic resource development projects in Greenland, Finland, and Italy.
Its portfolio includes ventures into base metals, precious metals, and industrial gases, along with a growing interest in sustainable fuels and clean energy solutions. Therefore, the Jameson Land Basin project marks a key milestone in 80 Mile’s journey toward expanding its footprint in the global energy sector.
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In Greenland, the company operates several large-scale projects. For instance, the Disko-Nuussuaq nickel-copper-cobalt-PGE project explores vital battery metals, while the Dundas Ilmenite Project focuses on mining high-quality titanium feedstock used in industrial applications. As a result, these projects strengthen Greenland’s role as an emerging hub for both traditional and renewable resource development.
Moreover, by diversifying across metals, fuels, and clean energy, 80 Mile Plc demonstrates an adaptable business model designed to leverage opportunities in both conventional and evolving energy markets. In other words, the company balances its portfolio to stay competitive and maintain stability even as global energy priorities shift.
Above all, the company’s management continues to emphasize responsible resource development, focusing on projects in Tier 1 jurisdictions — regions known for strong legal frameworks and transparent mining policies. Consequently, this approach helps ensure safety, regulatory compliance, and long-term operational success.
Market Impact and Technical Insights
Following the announcement, 80 Mile Plc drew strong attention from investors and analysts. The company recorded an average trading volume of 60,019,522, showing high investor activity, and holds a market capitalization of around £29.49 million.
Market sentiment is currently rated as “Hold”, indicating that investors are monitoring upcoming drilling and operational updates closely.
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The discovery in the Jameson Land Basin boosts 80 Mile’s valuation, showcasing both Greenland’s geological wealth and the company’s ability to attract strategic funding for large-scale exploration.
March GL, the U.S. joint venture partner, will fund drilling and gain up to 70% interest, while Pelican adds technical expertise. Together, they aim to lead one of the largest Arctic exploration efforts.
The Sproule ERCE report strongly validates the Jameson Land Basin’s hydrocarbon potential — estimated at 13.03 billion barrels of oil — positioning 80 Mile Plc as a rising force in Arctic energy development.