Greenland Energy (NASDAQ: GLND) entered into a Deed of Variation and Novation with 80 Mile plc (AIM: 80M) and its wholly owned subsidiary March GL Company relating to the existing Farm-Out Agreement for the Jameson Land Basin in East Greenland. Greenland Energy has assumed March GL’s rights and obligations under the agreement, with the longstop dates for the first and second exploration wells extended to Dec. 31, 2028.
Greenland Energy will take sole responsibility and bear the costs of securing and maintaining permits and approvals required for the Jameson Land drilling program, while 80 Mile will remain responsible for other government consents under the Farm-Out Agreement. Greenland Energy will pay 80 Mile £500,000 in consideration for entering into the deed and agreeing to the amendments.
To view the full press release, visit: https://ibn.fm/sS7Op
About Greenland Energy Company
Greenland Energy Company is an exploration stage oil and gas company focused on responsibly exploring and seeking to develop Greenland’s hydrocarbon resources, with an emphasis on the Jameson Land Basin in East Greenland. The Company’s primary mission is to unlock the frontier hydrocarbon potential of the Jameson Land Basin, an approximately 2 million acre onshore licensed area, through the application of modern exploration technologies. The Company is advancing preparations for future exploration activity in the region.
NOTE TO INVESTORS: The latest news and updates relating to GLND are available in the company’s newsroom at https://ibn.fm/GLND
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