Jameson – Drilling Update
Summary by AI BETAClose X
12th August 2026
Jameson - Drilling Update
80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed exploration and development Company with projects in Greenland, Finland and Italy, provides an update on the planned drilling programme at its Jameson Land Basin Project ("Jameson" or the "Project") in East Greenland.
The Company has been targeting the commencement of drilling during the 2026/27 winter season. However, following ongoing engagement with the Greenlandic authorities, the Company now expects the planned drilling programme to be delayed. This delay relates to the time required to complete the permitting and regulatory approval process and does not reflect any change to the Company's plans for Jameson. 80 Mile remains fully committed to the Project and intends to commence drilling as soon as the necessary approvals have been received and the programme can be undertaken safely and responsibly.
80 Mile's wholly owned subsidiary, White Flame Energy A/S, is the 100% holder of the Jameson Land Basin exploration licences and is solely responsible for all aspects of assessment, permitting and regulatory engagement with the Government of Greenland, Kommuneqarfik Sermersooq and other relevant authorities. All field activities, Environmental Impact Assessments ("EIA"), Social Impact Assessments ("SIA") and any permit to drill are subject to approval by the Greenland Government.
The Company continues to work closely with the relevant authorities and will provide a further update on the timing of the drilling programme once there is greater certainty around the permitting process. Current guidance by the regulators is for winter 2027 drilling.
Regarding recent media coverage of equipment being landed on the project area in contravention of existing regulations 80M confirms that the Company has received a formal warning from the Government of Greenland concerning the landing of equipment at Nerlerit Inaat airport, near Ittoqqortoormiit in East Greenland.
For the sake of completeness, it's important to highlight that the equipment was predominantly accommodation and camp containers taken from Dundas, the Company's Titanium project in the far northwest of Greenland and sent to Nerlerit Inaat airport. Ahead of the landing, both GLND and 80M sought and received permission from and entered into a contract to lease storage space with Greenland Airports A/S in their industrial storage area adjacent to the airport for which storage fees are payable to Greenland Airports A/S. The Company acknowledges that this storage arrangement with Greenland Airports A/S required a separate permit from the Mines regulator even though Greenland Airports are 100% owned by the Government.
80 Mile takes this warning seriously however and has given undertakings regarding future logistic movements.
Jameson comprises approximately 8,429 km² (2.1 million acres) held under three exploration licences and represents a large-scale hydrocarbon opportunity on the Atlantic Margin. The planned drilling programme was designed to test several, stacked, high-priority reservoirs with multi billion-barrel oil potential.
Rod McIllree, Executive Director, commented: "While we are disappointed that the timing of the Jameson drilling programme has been impacted, the Company remains fully committed to advancing this highly prospective project. We continue to engage with Greenlandic authorities and will commence drilling as soon as the necessary approvals are in place. Jameson represents a significant exploration opportunity for 80 Mile, and we look forward to progressing the programme and testing our priority targets once the regulatory process is complete."
For further information please visit http://www.80mile.com or contact:
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|
80 Mile plc |
enquiry@80mile.com |
|
Ewan Leggat / Caroline Rowe / Devik Mehta |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
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Harry Ansell / Katy Mitchell / Andrew de Andrade |
Zeus Capital Limited (Joint Broker) |
+44 (0) 20 3829 5000 |
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Megan Ray / Said Izagaren |
BlytheRay |
+44 (0) 20 7138 3204 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 an 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. 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 into the basin.
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.
80 Mile, through 100% ownership of Hydrogen Valley Ltd, is advancing the Greenswitch Ferrandina Plant in Basilicata, Italy. This fully integrated chemical facility is undergoing final maintenance to commence production of biofuels and Sustainable Aviation Fuel (SAF). Strategically located near the Port of Taranto and within a Special Economic Zone (SEZ), the plant is poised to contribute significantly to Europe's energy transition by producing up to 50,000 tonnes of biodiesel annually, with future plans for green hydrogen production. The facility's advanced infrastructure and strategic location underscore 80 Mile's commitment to sustainable energy solutions and regional economic development.
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