80 Mile Plc and its U.S. partners March GL and Pelican have confirmed a substantial oil resource discovery in Greenland’s Jameson Land Basin, following an independent assessment by Sproule ERCE. The report estimates 13.03 billion barrels of gross un-risked recoverable prospective oil resources in the basin, a figure that places the region among the world’s most promising untapped oil provinces.
For 80 Mile Plc, the discovery points to about 3.9 billion barrels of oil, a major step forward for the company’s Arctic ambitions. The verification by Sproule ERCE, a well-known global consultancy in petroleum evaluation, gives the estimate added weight and credibility. The area’s geological promise has long been recognized, but it has stayed mostly untouched because of Greenland’s remote setting and harsh terrain.
Drilling is planned to begin in the second half of 2026 and will be fully funded by March GL, which, under the agreement, can secure up to a 70% interest in the project. This partnership allows 80 Mile Plc to move ahead with exploration without taking on heavy financial commitments while maintaining a significant position in the project. Located in eastern Greenland, the Jameson Land Basin is characterized by hydrocarbon-rich sedimentary formations that have attracted growing attention as exploration technology improves.
By keeping a broad mix of projects across both traditional and new energy sectors, 80 Mile Plc aims to stay steady amid changing global markets. The latest find in the Jameson Land Basin fits neatly into that approach, pointing to one of the biggest exploration prospects in the Arctic. With March GL backing the venture financially and Pelican handling technical work, the project highlights the scale of Greenland’s energy potential and 80 Mile’s growing role in developing it.