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(Sharecast News) - 80 Mile said on Friday that its Greenland joint venture had started trading on Nasdaq following the completion of a SPAC transaction, valuing the company's retained stake in the Jameson hydrocarbon project at around $148m.
The AIM-traded exploration group said Pelican Acquisition Corporation had completed its acquisition of Greenland Exploration Limited, a subsidiary of March GL Company, with the combined entity now trading as Greenland Energy Company under the ticker GLND.
It said the transaction consolidated Pelican, GLND and March GL into a single US-listed vehicle focused on developing the Jameson liquid hydrocarbon project in East Greenland.
80 Mile retained a 30% interest in the project through its subsidiary White Flame Energy, while GLND could earn up to 70% by funding the full cost of drilling two exploration wells.
Based on GLND's market capitalisation of $345m at the close of trading on 26 March, 80 Mile said its retained interest implied a notional valuation of $148m.
The company added there was no current legal entitlement regarding the timing or price of any potential disposal of that stake, although GLND would have the opportunity to acquire it at market value should a sale be pursued.
It said the Jameson project covers around two million acres and was considered one of the largest undrilled onshore hydrocarbon basins globally.
An independent report by Sproule ERCE estimated gross unrisked recoverable prospective resources of 13.03 billion barrels of oil, equivalent to around 3.9 billion barrels net to 80 Mile under the full earn-in structure.
Drilling was expected to start in the second half of 2026, subject to regulatory approvals, with GLND having secured agreements with oilfield service providers and mobilised equipment to Greenland.
Under the joint venture terms, GLND would fund 100% of the cost of up to two wells, each to a minimum depth of 3,500 metres.
"Today represents a pivotal moment in the evolution of the Jameson project, with our partners bringing the asset to the US public markets through the listing of Greenland Energy Company on Nasdaq," said Olga Solovieva, chief operating officer of 80 Mile.
"This transaction reflects the scale and strategic significance that Jameson has long represented and provides an independent market-based validation of its potential.
"The formation of Greenland Energy Company provides Jameson with a dedicated public market vehicle focused on funding and execution of the maiden drilling campaign.
"This marks a clear shift in the project's development trajectory, moving from a technically defined opportunity to a funded and execution-ready programme."
At 1025 GMT, shares in 80 Mile were up 6.92% at 1.2p.
Reporting by Josh White for Sharecast.com.
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