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(Sharecast News) - 80 Mile said on Friday that executive director Roderick McIllree had been appointed managing director of Greenland Energy Company, its Nasdaq-listed joint venture partner for the Jameson Land Basin project, with immediate effect.
The AIM-traded company said McIllree would oversee Greenland Energy's day-to-day activities in Greenland, focusing on permitting, regulatory engagement and stakeholder relations ahead of the planned exploration programme.
80 Mile clarified that its subsidiary White Flame Energy, as the 100% holder of the Jameson Land Basin exploration licences, remained solely responsible for assessment, permitting and regulatory engagement with Greenlandic authorities.
Under the farm-in agreement, Greenland Energy is required to drill two exploration wells of about 3,500 metres each to earn up to a 70% interest in the project, with the first well earning 50% and the second a further 20%.
The total expected cost of the drilling campaign is $70m.
At 1313 BST, shares in 80 Mile were down 0.11% at 0.91p.
Reporting by Josh White for Sharecast.com.
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