- GLND secured a five-year drilling agreement with Stampede Drilling for Arctic exploration operations
- The company plans to drill wells targeting multi-billion-barrel hydrocarbon potential in Greenland’s Jameson Land Basin
- These developments position Greenland Energy within one of the North Atlantic’s most promising frontier energy plays
Greenland (NASDAQ: GLND) is accelerating its push into Arctic energy exploration as global demand for new hydrocarbon discoveries continues to grow and traditional resource basins become increasingly mature. With frontier regions returning to focus, Greenland’s Jameson Land Basin is emerging as a potentially significant untapped energy opportunity, and Greenland Energy is positioning itself at the center of that development (ibn.fm/AfUGc).
The company recently announced a five-year drilling agreement with Stampede Drilling Inc. to secure Rig #12, a high-performance drilling rig specifically equipped for Arctic conditions. The agreement supports Greenland Energy’s upcoming drilling campaign in the Jameson Land Basin, where the company plans to drill wells targeting deep hydrocarbon systems across multiple prospective zones.
“Reaching 3,500 meters into the Jameson Land Basin, Greenland Energy will be drilling multi-billion-barrel hydrocarbon potential in one of the North Atlantic’s most promising frontier plays,” the company stated in a recent update. “As work begins on the 2026 drilling program, the target is clear: test the basin’s full hydrocarbon potential and open a new chapter in Arctic energy exploration.”
According to its joint venture partner, 80 Mile PLC, each planned well is expected to reach a minimum depth of 3,500 meters in an effort to delineate the basin’s hydrocarbon potential. The region has been compared geologically to Norway’s prolific Haltenbanken and Barents Sea provinces, both of which have become strategically important energy-producing areas.
Jameson Land spans roughly two million acres in East Greenland and remains largely underexplored despite its significant geological promise. An independent prospective resources report prepared by Sproule ERCE estimated about 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources across the upper levels of the basin, underscoring the scale of the opportunity.
The company is also advancing operational readiness ahead of planned drilling activities in the second part of 2026, subject to regulatory approvals. Greenland Energy is mobilizing heavy equipment to East Greenland and contracted major service providers, including Halliburton and IPT Well Solutions, to support the campaign.
Backing this exploration push, Greenland Energy recently closed a $70 million public offering intended to fund key components of its Jameson Land program, including logistics, procurement, workforce mobilization, and winter-readiness infrastructure. The financing strengthens the company’s ability to execute its exploration strategy as it moves toward drilling operations (ibn.fm/6Fk3r).
Greenland Energy operates within a broader industry trend as supply disruptions, geopolitical instability, and underinvestment in traditional oil basins push energy companies toward frontier exploration regions. Arctic resource development has increasingly gained attention as nations and companies seek long-term supply security and large-scale resource opportunities.
These updates highlight Greenland Energy’s broader mission: to build a publicly traded platform focused on unlocking the hydrocarbon potential of Greenland’s Jameson Land Basin. With drilling preparations advancing, strategic financing secured, and infrastructure partnerships in place, GLND is strategically positioning itself within a high-impact frontier exploration story at a time when global energy markets are increasingly seeking the next major basin opportunity.
For more information, visit the company’s website at www.GreenlandEnergyCo.com.
NOTE TO INVESTORS: The latest news and updates relating to GLND are available in the company’s newsroom at ibn.fm/GLND
Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained herein other than statements of present or historical fact, including, without limitation, statements regarding Greenland Energy Company’s (the “Company”) future financial performance, business strategy, operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives of management, and expected benefits of the Company’s recent business combination, are forward-looking statements. Forward-looking statements are generally identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,”
“forecast,” “potential,” “predict,” or the negative of these terms or similar expressions, although not all forward-looking statements contain such identifying words.
These forward-looking statements are based on management’s current expectations, assumptions and beliefs regarding future events and are based on information currently available to the Company. These statements involve a number of risks and uncertainties, many of which are difficult to predict and are beyond the Company’s control, and actual results may differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include, among others: (i) Exploration and Geological Risks, including the Company’s status as a development-stage company with no operating history, revenues, or proved reserves; the inherent uncertainty in prospective resource estimates, including that the 13 billion barrel estimate is based on undiscovered accumulations with no certainty of discovery or commercial viability; geological complexity arising from limited seismic data coverage, pervasive igneous intrusions, faulting patterns, and significant Tertiary uplift creating thermal maturity uncertainty; the fact that the basin has never produced a commercial discovery despite decades of study dating back to the 1970s, and a 2008 USGS report stating less than a 10% chance of containing a technically recoverable hydrocarbon accumulation; and high-cost frontier exploration with estimated well costs of $40 million for the first well and $20 million for subsequent wells; (ii) Operational and Environmental Risks, including the challenges of operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows for equipment and personnel; drilling hazards such as blowouts, equipment failures, well control events, environmental releases, and accidents inherent in oil and gas operations; reliance on third-party contractors; and climate change scrutiny, as operations in Greenland face increasing opposition from environmental groups and institutional investors due to Arctic drilling concerns; (iii) Regulatory and Political Risks, including the 2021 Greenland drilling moratorium, and while licenses are grandfathered, future regulatory changes could jeopardize operations; geopolitical tensions, including U.S. interest in acquiring Greenland and Greenland’s internal independence movements that could affect operations; permit requirements, as drilling requires Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities; and forfeiture risk, as failure to meet drilling milestones could result in loss of the Company’s right to earn working interests; (iv) Financial and Capital Risks, including significant capital requirements and the need for substantial funding beyond current resources to complete the drilling program; commodity price volatility, as oil, gas, and NGL prices are highly volatile and will heavily influence project viability; a long development timeline during which market conditions may change significantly before potential production, unlike short-cycle shale projects; going concern uncertainty and substantial doubt about the Company’s ability to continue as a going concern without additional financing; and energy transition risk, as global demand for oil may decline due to electric vehicle adoption, renewable energy policies, and changing consumer preferences; and other risks and uncertainties as set forth in the Company’s Prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act on April 29, 2026, in the section titled “Risk Factors”.
Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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