In a statement posted on its website recently, 80 Mile Plc announced that an independent petroleum reserves and resources evaluation identified “13 billion barrel potential” at Jameson Land Basin in Greenland.
“80 Mile plc … notes the recent announcement … by its U.S. joint venture partner, March GL Company and Pelican, regarding the results of an independent assessment and prospective resources report prepared by Sproule ERCE confirming the world-class potential of the Jameson Land Basin, located in Eastern Greenland,” 80 Mile said in the statement.
“Independent assessment by U.S. 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,” it added.
“The report also highlights potential upside outside these already identified target areas, across the broader license and at depth. Specifically, the Permian base layer,” it continued.
In the statement, 80 Mile highlighted that its attributable share equates to approximately 3.9 billion barrels (P10) based on its 30 percent interest post earn-in completion.
The company also noted that the report “identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally”.
80 Mile pointed out in the statement that it and March GL had previously entered into a binding joint venture agreement for drilling to commence at Jameson.
Under this agreement, March GL will fund 100 percent of the costs associated with up to two exploration wells, each to a minimum depth of 3,500 meters, designed to delineate the hydrocarbon potential of the Jameson Basin, 80 Mile noted in its latest statement. In return, March GL may earn up to a 70 percent working interest, with 80 Mile retaining a 30 percent interest through its wholly owned subsidiary White Flame Energy A/S upon completion of the second well, 80 Mile added.
“Until that time, 80 Mile retains 100 percent legal ownership of the licenses covering approximately two million acres in Eastern Greenland,” 80 Mile noted.
80 Mile said in the statement that preparations for drilling are ongoing, “with Halliburton contracted to provide drilling services and logistics support, and IPT Well Solutions appointed as project manager”.
“Mobilization of a 3,500-meter-capable rig is now scheduled with shipping and logistics agreements already executed with leading service providers,” it added.
Roderick McIllree, Executive Director of 80 Mile, said in the statement, “I first visited Jameson Land over a decade ago and was struck by its scale and geology – it truly is a remarkable project”.
“This latest report represents a major milestone for Jameson. It marks the first time the project has been formally recognized within the U.S. energy sector. Based on this report and the Pelican presentation, and on a P10 basis, Jameson now ranks as the thirteenth largest undeveloped oil accumulation globally, as filed with the SEC,” he added.
“The significance of that cannot be overstated. Western Europe built its modern economies and sovereign wealth funds on North Sea oil, and it now appears that Greenland may host a comparable, and largely untapped, resource base,” he continued.
“With a listed and fully funded U.S. joint venture partner, soon to be renamed Greenland Energy Company, we are now positioned to drill and answer a question that has remained unresolved for more than sixty-five years,” McIllree went on to state.
Rigzone has contacted Greenland’s Ministry of Business, Mineral Resources, Energy, Justice, and Gender Equality and Greenland’s Mineral Resources Authority for comment on the statement posted on 80 Mile’s website. At the time of writing, neither have responded to Rigzone.
In a statement posted on March GL’s website on September 10, Pelican Acquisition Corporation announced the signing of a definitive agreement and plan of merger with Greenland Exploration Limited and March GL Company.
“Upon the closing of the transaction, the combined company will operate under the name Greenland Energy Company and is expected to be listed on the NASDAQ Stock Market under the ticker symbol ‘GLND’,” that statement noted.
That statement revealed that the transaction is expected to close in the fourth quarter of this year.
To contact the author, email andreas.exarheas@rigzone.com
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