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80 Mile PLC on Wednesday said that a recent merger agreement valued its 30% stake in the Jameson liquid hydrocarbon prospect at $92 million. Jameson is a joint venture between 80 Mile, formerly Bluejay Mining, and March GL Co. It comprises three licenses in East Greenland’s Jameson basin. The partners agreed in April that March GL would fund 100% of drilling costs, in exchange for 70% interest. March GL’s wholly-owned subsidiary Greenland Exploration Ltd has agreed to merge with Nasdaq-listed Pelican Acquisition Corp. The three entities will combine to become Pelican Holdco Inc, before being renamed Greenland Energy Co. The new company is expected to have a combined equity value of $337 million and will be traded on the Nasdaq Stock Market. According to 80 Mile, a London-based operator of metal and gas projects, the deal implies a $215 million valuation for March GL’s 70% interest in Jameson, excluding a further $86 million in post-transaction cash. 80 Mile will retain its 30% stake, which has an estimated value of $92 million, based on the terms of the deal. The merger is expected to close in the fourth quarter of 2025. 80 Mile will hold on to 100% ownership of the Jameson licenses until two drill holes are completed, before transitioning to a 30% position through its subsidiary White Flame Energy AS. Operations at Jameson remain subject to regulator approval in Greenland, though the government has given the green light for support equipment and infrastructure to be sealifted into the area. Currently, heavy equipment is being mobilised at Jameson, 80 Mile noted. Roderick McIllree, director of 80 Mile, will join Pelican’s board as executive director. He has described the Jameson basin as ‘one of the world’s last remaining great untapped oil occurrences’. ‘This project is huge on a world scale, has a deep history of very high-quality exploration pointing to potentially globally significant occurrences of oil. I am heartened by the fact that our new partners including industry consultants and contractors of the highest standing in the oil industry have now also independently verified this.’ He went on to praise ‘the deep pockets’ of the project’s supporters: ‘With these binding agreements we have a strong, fully financed partner with the technical and financial muscle to deliver on these stated objectives and on top of that, we have secured a valuation for our 30% at $92 million. What is clear is that our new partners appear far more willing to value things properly than their UK based counterparts, something expected to continue as momentum builds.’ 80 Mile shares jumped 90% to 0.61 pence on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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