13 Billion Barrel Potential Identified at Jameson

Independent Petroleum Reserves and Resources Evaluation Identifies 13 Billion Barrel Potential at Jameson Land Basin, Greenland

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, notes the recent announcement as of October 28th, by its US joint venture partner, March GL Company ("March GL") and Pelican (PELI.Nasdaq) ("Pelican"), regarding the results of an independent assessment and prospective resources report prepared by Sproule ERCE (the "Sproule Report") confirming the world-class potential of the Jameson Land Basin ("Jameson"), located in Eastern Greenland.

Highlights

• Report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
• First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, March GL will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson Basin.

In return, March GL may earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy A/S upon completion of the second well. Until that time, 80 Mile retains 100% legal ownership of the licences covering approximately two million acres in Eastern Greenland.

Preparations for drilling are ongoing, with Halliburton contracted to provide drilling services and logistics support, and IPT Well Solutions appointed as project manager. Mobilisation of a 3,500-metre-capable rig is now scheduled with shipping and logistics agreements already executed with leading service providers.

Competent Person Report

The scientific and technical disclosure included in the Sproule Report has been reviewed and approved by Eric Sondergaard, a director of 80 Mile PLC, who is also a Member of the Alberta Association of Professional Geoscientists and Engineers (APEGA). Mr. Sondergaard has sufficient experience, to qualify as a Qualified Person ('QP') as defined by the AIM rules. Mr. Sondergaard has additionally reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears.

Roderick McIllree, Executive Director of 80 Mile, commented:

"I first visited Jameson Land over a decade ago and was struck by its scale and geology. It truly is a remarkable project.

This latest report represents a major milestone for Jameson. It marks the first time the project has been formally recognised within the U.S. energy sector. Based on this report and the Pelican presentation, and on a P10 basis, Jameson now ranks as the thirteenth largest undeveloped oil accumulation globally, as filed with the SEC.

The significance of that cannot be overstated. Western Europe built its modern economies and sovereign wealth funds on North Sea oil, and it now appears that Greenland may host a comparable, and largely untapped, resource base.

With a listed and fully funded U.S. joint venture partner, soon to be renamed Greenland Energy Company, we are now positioned to drill and answer a question that has remained unresolved for more than sixty five years."