Greenland Energy (NASDAQ: GLND) is advancing a significant Arctic opportunity in East Greenland’s Jameson Land Basin, a petroleum basin that was extensively evaluated by ARCO decades ago but never drilled. The company holds rights to up to 70% working interest across three onshore licenses covering more than 2 million acres. Independent engineering estimates from Sproule ERCE indicate recoverable oil upside of 13 billion barrels across the basin, making it one of the largest undrilled onshore basins globally.
The Jameson Land Basin’s potential is underscored by its history. In the 1980s and 1990s, ARCO conducted extensive seismic surveys and geological studies, confirming a working petroleum system. However, due to low oil prices and challenging logistics at the time, the basin remained untested. Greenland Energy now aims to capitalize on improved Arctic drilling technology and stronger market conditions.
To support its 2026 drilling campaign, the company has contracted Stampede Drilling for Arctic-rated rig services and secured agreements with Halliburton, Desgagnés, and IPT Well Solutions. These partnerships provide the specialized equipment and logistics needed for operations in Greenland’s remote environment. The company’s focus on onshore drilling mitigates some of the technical risks associated with offshore Arctic projects, while still accessing a basin of genuine scale.
The implications of this announcement extend beyond Greenland Energy. If successful, the drilling campaign could open a new hydrocarbon province in the Arctic, reshaping perceptions of Greenland’s resource potential. For investors, the undrilled basin thesis offers asymmetric upside: the geological data supports significant resource estimates, but the basin has never been tested by a drill bit. Greenland Energy’s ability to secure key service providers suggests progress toward that test.
Greenland Energy’s position in the Jameson Land Basin is a rare example of a major undrilled onshore basin in a politically stable jurisdiction. The company’s upcoming drilling campaign will be closely watched by the industry as a potential catalyst for Arctic exploration. More information is available in the company’s newsroom at ibn.fm/GLND.
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