80 Mile PLC Announces Strategic Partnership for Greenland’s Jameson Project
LONDON, May 12, 2025 — In a significant development for the mining and energy sector, 80 Mile PLC, a company listed on the London Stock Exchange and known for its diverse portfolio of mineral and energy projects, has entered into a binding agreement with March GL Company (MGL), a private Texas-based corporation. This partnership aims to advance the exploration of the Jameson industrial gas and liquids rich project in Greenland, a venture that could potentially unlock substantial energy resources.
Under the terms of the agreement, MGL will fully fund the costs associated with two stratigraphic exploration holes. These holes are crucial for delineating the sedimentary structure and assessing the energy potential of the Jameson Basin. This strategic move is expected to provide valuable insights into the basin’s capacity to host industrial gas and liquids, which could be pivotal for future energy projects.
In exchange for its financial commitment, MGL will receive a 30% free carry interest in the project, while 80 Mile PLC retains a 70% stake. This arrangement allows 80 Mile to maintain significant control over the project while benefiting from MGL’s financial backing. Additionally, MGL is set to receive an immediate $500,000 cash payment upon the finalization of the documentation, underscoring the urgency and commitment of both parties to move forward with the project.
The partnership also includes collaboration with experienced contractors, such as Halliburton, to ensure efficient logistics planning. The project area, covering an extensive 8,429 km², has already attracted $125 million in historical investment and research, highlighting its potential. Existing infrastructure, including the Constable Point Airfield, is expected to reduce development costs significantly.
However, the project’s success hinges on obtaining regulatory approvals from the Greenland government. Operations are not anticipated to commence until the summer of 2026, indicating a long timeline before potential revenue generation. This delay underscores the importance of regulatory compliance and strategic planning in large-scale energy projects.
80 Mile PLC’s share price, which closed at 0.28 GBP on May 8, 2025, reflects the market’s cautious optimism. The company’s market capitalization stands at 11,020,000 GBP, with a price-to-earnings ratio of -1.18, indicating the speculative nature of its current valuation. Despite these challenges, the strategic partnership with MGL represents a significant step forward in 80 Mile’s efforts to capitalize on Greenland’s untapped energy resources.
As the project progresses, stakeholders will closely monitor regulatory developments and the outcomes of the stratigraphic research drilling. The potential for discovering substantial gas and hydrocarbon reserves in the Jameson Basin could position 80 Mile PLC as a key player in the global energy market, provided the necessary approvals and successful exploration outcomes are achieved.