- 80 Mile PLC (BLLYF, Financial) has entered an agreement with March GL Company (MGL) for the Jameson gas project in Greenland.
- MGL will fund 100% of exploration costs, potentially acquiring up to a 70% stake.
- Jameson project involves exploration of hydrogen, helium, and other industrial gases across 8,429 km².
80 Mile PLC, listed on the AIM and FSE, alongside US OTC as BLLYF, has announced a significant binding agreement with March GL Company (MGL), a private corporation based in Texas. This agreement focuses on the development of the Jameson industrial gas and liquids project located in Greenland. Under the terms of this deal, MGL will finance 100% of the costs for drilling two stratigraphic exploration holes, potentially acquiring up to a 70% interest in the project through a structured earn-in agreement.
The Jameson project covers a vast area of 8,429 square kilometers, a region with substantial prospects for industrial gases including hydrogen and helium, as well as natural gas and liquid hydrocarbons. March GL Company will initially secure a 50% interest following the successful completion of the first exploratory hole. The additional 20% will be granted upon completion of the second drilling project.
Operations for the project are expected to commence by the summer of 2026, leveraging $125 million worth of historical exploration conducted by ARCO from 1970 to 1990. This historical data included seismic acquisition and infrastructure development, with the basin being considered analogous to prominent oil-producing regions like Alaska's Prudhoe Bay.
MGL has also committed to a cash payment of $500,000 to 80 Mile upon the finalization of documentation, with Halliburton contracted to support logistical planning for the venture. The Jameson project is positioned as one of the last undrilled onshore basins with a compelling potential for hydrocarbons and industrial gases.
