The Jameson Land Basin in Greenland, spanning more than 8,400 square kilometers, is emerging as one of the world’s largest remaining underexplored onshore hydrocarbon regions, presenting a significant opportunity for Greenland Energy Company (NASDAQ: GLND). By agreeing to fully fund the drilling at the project, Greenland Energy Company will acquire 70% of the project, while the remaining 30% stays with 80 Mile, the current owner. The company has contracted Halliburton to handle project management and support logistics planning.
Few opportunities in the global oil and gas sector are as compelling as the Jameson Land Basin. Historical industry estimates suggest the broader basin system could contain tens of billions of barrels of oil equivalent, based on extensive geological and seismic analysis conducted over several decades. However, the basin has never produced a commercial discovery despite studies dating back to the 1970s, and a 2008 USGS report indicated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation.
Greenland Energy Company’s decision to fully fund the drilling program reflects its confidence in the basin’s potential. The company will need to navigate significant risks, including the challenges of operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, and no existing infrastructure. Drilling hazards such as blowouts, equipment failures, and environmental releases are also concerns. Additionally, Greenland’s 2021 drilling moratorium, though grandfathered for existing licenses, could face future regulatory changes.
Financially, the project requires substantial capital, with estimated well costs of $40 million for the first well and $20 million for subsequent wells. The company faces going concern uncertainty and may need additional financing. Commodity price volatility and the global energy transition toward renewable sources could also impact project viability.
Despite these risks, the Jameson Land Basin represents a rare opportunity for a major onshore hydrocarbon discovery. With Halliburton’s expertise and the support of 80 Mile, Greenland Energy Company is positioned to advance the project. The latest news and updates relating to GLND are available in the company’s newsroom at https://ibn.fm/GLND.
Forward-looking statements in this communication involve risks and uncertainties, including exploration and geological risks, operational and environmental challenges, regulatory and political changes, and financial and capital requirements. For more information, see the company’s Prospectus filed with the SEC on April 29, 2026.
