JV Partner Greenland Energy Company Raises $70M

80 Mile PLC ('80M' or '80 Mile' or 'Company'), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, confirms that Greenland Energy Company ("GLND"), the Nasdaq listed joint venture partner of 80M, with the ticker "GLND", has closed a public offering of shares and warrants, raising gross proceeds of approximately US$70 million. GLND intends to use the net proceeds from the offering to fund exploration and appraisal activities in the Jameson Land Basin ("Jameson"), as well as for general corporate purposes.

Under the terms of 80 Mile's definitive joint venture agreement, GLND is entitled to earn up to a 70% interest by funding 100% of the costs associated with drilling two exploration wells at the Company's Jameson project. 80 Mile will retain a 30% interest in Jameson through its wholly owned subsidiary White Flame Energy A/S.

Jameson comprises approximately two million acres in East Greenland and has been the subject of extensive historical exploration by major oil companies. As previously disclosed, an independent prospective resources report prepared by Sproule ERCE estimated 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin, equating to approximately 3.9 billion barrels (P10) net to 80 Mile. GLND has secured executed agreements with leading oilfield service providers and has mobilised heavy equipment to East Greenland in preparation for drilling in H2 2026, subject to regulatory approvals.

About the Jameson Hydrocarbon Project

The Jameson Land Basin is one of, if not the last, highly prospective, yet completely undrilled oil basins globally, but with a clear genetic link to the North Sea as well as a scale like many of the world's major producing regions. This claim is not without foundation, 80M and GLND will leverage its acquisition off a comprehensive body of work conducted by US Atlantic Richfield Company (ARCO) between 1970 and 1990 when more than US$100m was invested (1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid hydrocarbon targets.

• The Sproule ERCE report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
• First, free carried, drilling operations expected to commence in H2 2026, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL (now GLND) entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, GLND 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.

The Sproule Report, prepared in accordance with the Petroleum Resources Management System ("PRMS 2018"), assesses total gross un-risked recoverable prospective resources of approximately 13.03 billion barrels (P10) across 58 identified prospects. The report can be found on the SEC website here;

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.

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