In a press release posted on its web site lately, 80 Mile Plc introduced that an impartial petroleum reserves and assets analysis recognized “13 billion barrel potential” at Jameson Land Basin in Greenland.
“80 Mile plc … notes the current announcement … by its U.S. three way partnership associate, March GL Firm and Pelican, concerning the outcomes of an impartial evaluation and potential assets report ready by Sproule ERCE confirming the world-class potential of the Jameson Land Basin, positioned in Jap Greenland,” 80 Mile stated within the assertion.
“Unbiased evaluation by U.S. based mostly oil discipline specialists, Sproule ERCE estimate 13.03 billion barrels (P10) of gross un-risked recoverable potential oil assets throughout the higher ranges of the Jameson Basin,” it added.
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“The report additionally highlights potential upside exterior these already recognized goal areas, throughout the broader license and at depth. Particularly, the Permian base layer,” it continued.
Within the assertion, 80 Mile highlighted that its attributable share equates to roughly 3.9 billion barrels (P10) based mostly on its 30 % curiosity publish earn-in completion.
The corporate additionally famous that the report “identifies 58 prospects and leads, placing Jameson among the many most potential undrilled basins globally”.
80 Mile identified within the assertion that it and March GL had beforehand entered right into a binding three way partnership settlement for drilling to begin at Jameson.
Beneath this settlement, March GL will fund one hundred pc of the prices related to as much as two exploration wells, every to a minimal depth of three,500 meters, designed to delineate the hydrocarbon potential of the Jameson Basin, 80 Mile famous in its newest assertion. In return, March GL could earn as much as a 70 % working curiosity, with 80 Mile retaining a 30 % curiosity by its wholly owned subsidiary White Flame Power A/S upon completion of the second nicely, 80 Mile added.
“Till that point, 80 Mile retains one hundred pc authorized possession of the licenses overlaying roughly two million acres in Jap Greenland,” 80 Mile famous.
80 Mile stated within the assertion that preparations for drilling are ongoing, “with Halliburton contracted to offer drilling companies and logistics help, and IPT Properly Options appointed as challenge supervisor”.
“Mobilization of a 3,500-meter-capable rig is now scheduled with transport and logistics agreements already executed with main service suppliers,” it added.
Roderick McIllree, Government Director of 80 Mile, stated within the assertion, “I first visited Jameson Land over a decade in the past and was struck by its scale and geology – it actually is a outstanding challenge”.
“This newest report represents a significant milestone for Jameson. It marks the primary time the challenge has been formally acknowledged inside the U.S. power sector. Based mostly on this report and the Pelican presentation, and on a P10 foundation, Jameson now ranks because the thirteenth largest undeveloped oil accumulation globally, as filed with the SEC,” he added.
“The importance of that can not be overstated. Western Europe constructed its fashionable economies and sovereign wealth funds on North Sea oil, and it now seems that Greenland could host a comparable, and largely untapped, useful resource base,” he continued.
“With a listed and absolutely funded U.S. three way partnership associate, quickly to be renamed Greenland Power Firm, we are actually positioned to drill and reply a query that has remained unresolved for greater than sixty-five years,” McIllree went on to state.
Rigzone has contacted Greenland’s Ministry of Enterprise, Mineral Sources, Power, Justice, and Gender Equality and Greenland’s Mineral Sources Authority for touch upon the assertion posted on 80 Mile’s web site. On the time of writing, neither have responded to Rigzone.
In a press release posted on March GL’s web site on September 10, Pelican Acquisition Company introduced the signing of a definitive settlement and plan of merger with Greenland Exploration Restricted and March GL Firm.
“Upon the closing of the transaction, the mixed firm will function underneath the title Greenland Power Firm and is predicted to be listed on the NASDAQ Inventory Market underneath the ticker image ‘GLND’,” that assertion famous.
That assertion revealed that the transaction is predicted to shut within the fourth quarter of this yr.
To contact the creator, e mail andreas.exarheas@rigzone.com
