80 Mile Signs Drill Deal for Jameson Basin, Unlocking One of Greenland’s Largest Untapped Gas and Hydrogen Targets

80 Mile PLC (AIM: 80M) has entered a binding agreement with March Global Limited (MGL), a Texas-based private company, to fund and execute the first-ever drill campaign at the Jameson Basin, a vast, unexplored gas-rich concession in eastern Greenland. The basin, long held by 80 Mile’s subsidiary White Flame Energy, spans 8,429 km² and contains multiple drill-ready targets for natural gas, helium, and white hydrogen.

Under the deal, MGL will fund 100% of the first two stratigraphic wells and may earn up to a 70% stake in the project by completing both holes. Halliburton has been contracted for logistics, while IPT Well Solutions will lead project management. Drilling is expected to begin by summer 2025.

The Jameson Basin is believed to possess multi-billion-barrel-equivalent gas potential, originally identified by ARCO. Geological features suggest ideal conditions for gas migration and entrapment, including deep-seated faults, mature source rocks, and porous reservoirs. Historic hydrogen concentrations of up to 9% have been recorded, with new sampling planned in Q3 2025.

The deal includes a $500,000 payment to 80 Mile and leaves the company free-carried for its 30% share through Phase 2.

Full press release is attached below:

80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining

 Proposed Transaction for Development of Jameson Concession

80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US OTC traded (BLLYF.OTC) , exploration and development company with mineral and energy projects in Greenland and a biofuels plant in Italy, is pleased to announce it has entered into a binding heads of terms agreement ("HOT") with March GL Company ("MGL"), a private Texas Corporation, whereby MGL will fund stratigraphic research drilling at the Jameson industrial gas and liquids rich project in Greenland ("Jameson").

Under the terms of the agreement, MGL will fund 100% of the costs associated with two stratigraphic exploration holes designed to delineate the sedimentary structure and energy potential of the Jameson Basin. In return, and subject to regulatory approval, MGL can earn up to a 70% interest in the project through a two-stage earn-in structure:

·    MGL will earn an initial 50% interest upon completion of the first hole drilled ("Project 1") to define the basins technical specifications.

·    An additional 20% interest upon successful completion of a second test hole ("Project 2"), at MGL's discretion, within an agreed timeframe.

·   March has contracted Halliburton to support logistics planning and to secure other necessary services for Jameson;

·    80 Mile is free carried until the end of Project 2 for 30% of Jameson.

MGL will also pay 80 Mile US$500,000 upon execution of final documentation expected in the coming weeks

The initial holes will evaluate:

1.  The presence and concentration of naturally occurring gases included hydrogen, helium, and associated industrial gases;

2.    The structure and thermal characteristics of the basin; and

3.    Occurrences of natural gas and liquid condensate estimated by ARCO and other independent groups to be multi billion equivalent barrel potential.

The Jameson licenses cover 8,429 km2 of onshore North Atlantic stratigraphy, situated in a post-rift setting analogous to the western margin of the North Sea. The area is considered highly prospective for multiple gas types and liquid hydrocarbon systems. Notably, Canadian-listed Pulsar Helium is also active in the surrounding regions.

Eric Sondergaard, Managing Director of 80 Mile, commented:

"Energy is fundamental to economic growth and national development. The identification of a potential energy resource at Jameson - including industrial gases, natural gases, and liquid hydrocarbons - could deliver long-term strategic and economic benefits to Greenland if responsibly advanced.

"As part of a broader Arctic and North Atlantic energy corridor, Jameson has the potential to attract a broader range of funding sources and long-term investment into Greenland.

"By partnering with experienced technical consultants, globally experienced drilling contractors, and internationally recognised logistics providers, we are ensuring a well-executed and environmentally responsible assessment of Jameson's energy potential.

"Jameson is one of the largest undrilled onshore basins of its kind. Its prospectivity for industrial gases and energy by-products has long been recognised, and our positioning into the industrial gas sector is now translating into tangible work on the ground. All activity is being undertaken under Greenlandic regulatory oversight. Projects like Jameson, when developed responsibly, can help unlock new domestic revenue streams that contribute to Greenland's economic self-reliance."

Transaction Overview

·    March GL will fund 100% of all costs and expenses related to the drilling of the first of two exploration wells at the Jameson Project, with operations to commence no later than summer 2026.

·    March GL will be appointed Field Operations Manager for Project 1 and, subject to its successful completion, for Project 2. In this capacity, March GL will be responsible for entering into third-party agreements and covering associated costs, including:

o  MGL has contracted Halliburton to support the initial logistics planning and is working with Halliburton to secure services for the Project;

o  Transport of equipment owned by 80 Mile from the Dundas Ilmenite Project in Northwest Greenland to the Jameson Concession in Eastern Greenland. MGL is in current discussions and negotiations with a shipping company;

o  Mobilisation of a drill rig capable of reaching depths of 3,500 metres to the Jameson Concession. MGL expects to finalise negotiations with a Canadian drilling company in the coming weeks;

o  MGL has contracted with IPT Well Solutions for Project Management services for drilling the exploration well for Project 1.

·    In consideration, 80 Mile will assign or procure the transfer of a 50% interest in either White Flame A/S or the Jameson Concession to March GL upon the completion of Project 1.

·    Upon transfer of the 50% interest, 80 Mile and March GL will negotiate the appointment of March GL as project operator, to be formalised under a joint operating agreement or equivalent.

·    Following the successful completion of Project 1, 80 Mile will grant March GL an option to fund 100% of Project 2, exercisable for a period of 14 months.

·    Upon completion of Project 2, 80 Mile will assign or procure the transfer of an additional 20% interest in either White Flame A/S or the Jameson Concession to March GL.

·    Upon signing of the definitive agreements, and in consideration of the mutual undertakings set out in the HOT, March GL will pay 80 Mile a one-time cash payment of US$500,000.

The Proposed Transaction is subject to and conditional upon, the following:

·    Receipt of all customary consents, approvals or authorisations from the Government of Greenland, in respect of the transfer or assignment of the 50% interest (upon completion of Project 1), and if applicable, the additional 20% interest (upon completion of Project 2).

INFORMATION ON THE JAMESON LAND BASIN PROJECT AND FUTURE STRATEGY

Overview

White Flame was established more than ten years ago and is the 100% owner of three large scale exploration and exploitation licences that cover 8,429 square kilometres of the Jameson Peninsular, east Greenland. White Flame won an international open tender process for two licences and subsequently applied for and was awarded the third in 2014 and 2018 respectively. Since this time, it has maintained the licences in good standing. The licence lifespans are divided into three sub periods (3 years, 3 years & 4 years for a combined total of 10 years before moving into exploitation). White Flame recently received notification of a 3-year extension to the first sub period from the Greenlandic regulators.

The licences are also exploitation licences meaning that if certain preconditions are met and a discovery is made then White Flame has the right to move into production. The licences have approximately 10 years until expiry allowing White Flame to undertake sustained, systematic and detailed work in the entire area. In total White Flame has spent approximately £4m to date on technical work and resource estimates. However, over its history the project area has had investment in excess of US$125 million all the way to full feasibility studies (in 1989 dollars, meaning far more in today's dollar terms).

Greenland's position into hydrocarbon exploration and licencing

On 24 June 2021 the Greenland Government announced it would cease issuing further hydrocarbon exploration licences. White Flame was informed at this same time that because its licences were valid and in full effect at the time of this policy change, that this new government position would not affect White Flame, its activities or its licence terms and that White Flame was free to continue to develop the Jameson Land Project peninsular as per the conditions in their existing exploration & exploitation licences.

Introduction

The Jameson Land Basin is one of, if not the last, highly prospective, yet completely undrilled basins globally, but with a clear genetic link to the North Sea as well as a scale similar to many of the world's major producing regions. This claim is not without foundation, 80 Mile will leverage its acquisition off a comprehensive body of work conducted by US Atlantic Richfield Company (ARCO) between 1970 and 1990 when around US$125m was invested (1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid hydrocarbon targets.

ARCO's data reverted to the Geological Survey of Denmark and Greenland (GEUS) upon the US major's withdrawal from Greenland in 1990 with the Danish Government continuing work on the project area until 2014 when White Flame was awarded the licences. ARCO and GEUS concluded that the Jameson Land Basin contains all the essential source, reservoir, seal and trap elements to host multiple very-large-scale natural & industrial gas reservoirs in addition to liquid-rich hydrocarbons, particularly in the central and southern central regions of the basin. This data, in addition to many subsequently commissioned independent detailed assessments and reports, indicate there are multiple multi-billion-barrel-equivalent targets within the basin. 80 Miles has identified over 50 targets.  Similar sized global analogies to the Jameson gas field are;

1.    Maracaibo Basin (Venezuela)

·    Approximate area: 8,500 square kilometres (for the primary producing region)

·    One of the world's richest liquids and gas-producing areas.

2.    Prudhoe Bay Oil Field, (North Slope of Alaska),

·    One of the largest liquids and gas fields in North America.

·    Oil field is approximately 860 square kilometres (332 square miles)

3.    Anadarko Basin (Oklahoma, USA)

·    Approximate area: 8,300 square kilometres

·    Produces liquids as well as industrial and natural gas.

4.            Neuquén Basin (Argentina)

·    Approximate area: 8,000 square kilometres (for the core producing area)

·    Produces liquids and natural gas.

5.      Cooper Basin (Australia)

·    Approximate area: 7,800 square kilometres (for the core producing area)

·    Known for industrial & natural gas, liquids as well as white hydrogen occurrences.

6.    Songliao Basin (China)

·    Approximate area: 8,500 square kilometres (for the main producing region)

·    Produces liquids, natural and industrial gas.

7.    Piceance Basin (Colorado, USA)

·    Approximate area: 7,800 square kilometres

·    Known for natural and industrial gas production.

 The Licences

White Flame owns 100% of the project via a Greenlandic subsidiary, White Flame Energy A/S which in turn holds three exploration and exploitation licences covering 8,429 km² the entire basin on the Jameson Peninsular of East Greenland. The licences are exploration and production licences, are in good standing with the Greenland regulators and very recently had notification of extension of the first sub period for an additional 3 years. After the expiry of this new 3-year extension the licences will still have an additional 7 years before they automatically become exploitation licences, subject to completion of an EIA, SIA as well as a discovery being made.

The Company can confirm it is fully permitted, with documented confirmation that licences are in good standing and that the Company may continue to develop the large-scale gas and liquid rich projects in accordance with the terms and conditions as set out in their existing licences.

History

The Jameson Land Basin, encompassing Blocks 2015/13, 2015/14, and 2018/40, (see figure 1) has a rich history of exploration. ARCO and ENI held licenses for the area until 1990, conducting comprehensive field mapping, sampling programs, and acquiring ±1,800 line-km of 2D seismic data. ARCO's fieldwork, and subsequent studies by the GEUS have continually confirmed the substantial gas and liquid-rich hydrocarbon potential of the basin.

Jameson Land was subject to more than US$100m worth of detailed exploration expenditure between the 1970s and 1990's by ARCO and others which included the construction of what is now the Constable Point Airfield, East Greenland. 80 Mile will leverage off this historical expenditure and infrastructure to fast track the exploration of these various critical gases, including helium, all noble gases and white hydrogen, as well as by-products of other hydrocarbon elements.

ARCO exited all global exploration activities including Greenland as global commodity prices halved between 1984 and 1986. ARCO laid off over 14,000 employees during the late 1980s recession. This culminated in the relinquishment of all its exploration assets including Jameson Land. White Flame did not fully recover from this diminution and was subsequently acquired by BP in 2000 with the Jameson project being relinquished.

Work programme completed prior to withdrawal

ARCO conducted ±1,800 kilometres of 2D seismic over multiple campaigns in Jameson Land. In addition, the company invested heavily in infrastructure including an airport, warehousing and accommodation units. At the time, the structure of the Jameson Concession licences was ARCO 33%, AGIP 33% with the balance free carried by both the Danish and Greenlandic governments.

The data set that ARCO generated from its 2D seismic work reverted to GEUS upon ARCO's withdrawal from Greenland in 1990 and in 2009, White Flame purchased this data, representing over 30 years of high-quality hydrocarbon exploration. Recent legislative changes to the Greenland Mineral Resources Act in September 2014 further facilitated White Flame's 'first mover' opportunity over Jameson Land.

Helium Prospectivity    

Helium is usually found in association with natural gas accumulations. The Jameson Land Basin's extensive sedimentary layers are thermally mature and rich in organic material and the presence of ancient volcanic activity contributing to the potential for helium generation and entrapment this basin has the potential to be one of the largest producers globally. Although helium is typically used as a carrier in gas chromatography, anomalous helium results have been encountered around the basin margin and along sedimentary boundaries. In addition to this, the known geology and structure of the basin are conducive to the generation of helium rich gas deposits deeper in the basin. Compared to other helium, white hydrogen-producing regions, the potential reserves in the Jameson Land Basin could position Greenland as a significant player alongside the United States, Qatar, Algeria, and Russia.

The geological characteristics of the basin suggest significant reserves of gas could occur in large previously identified reservoirs, all of which is supported by large amounts of historical data as well as geochemical profiles from previous exploration campaigns.

Several highly anomalous helium results have been collected throughout the entire area and broader region over the last 50 years, without a systematic evaluation until now.

The entire area is seen as incredibly prospective for industrial gas accumulations and the Company is optimistic that a significant discovery can be made on Jameson. Initially the Company will integrate and re-examine all historical work for industrial gasses with a site visit set for later Q3 2024 to examine these sampling sites and to take fresh samples.

White Hydrogen Prospectivity 

White hydrogen, naturally occurring in certain geological formations, is highly prized for its minimal environmental impact and cost-effectiveness compared to green and blue hydrogen. Unlike green hydrogen, which is produced using renewable energy through water electrolysis and is often energy-intensive and costly, white hydrogen can be extracted with minimal environmental disruption and far lower production costs.

In contrast to blue hydrogen, which is derived from natural gas with carbon capture and storage, white hydrogen has a negligible carbon footprint without the need for additional carbon management infrastructure. Hydrogen is used across various sectors, including transportation (fuel cells for vehicles), industry (refining petroleum and producing ammonia for fertilisers), and energy storage (balancing intermittent renewable energy sources). This makes white hydrogen a more economically viable and sustainable option, offering a cleaner alternative to fossil fuels and industrial hydrogen production methods while utilizing existing infrastructure and serving as a bridge in the transition to fully renewable energy sources.               

·    Geological Processes: White hydrogen (natural hydrogen) can be generated through water-rock interactions

·    Faults and Fractures: The extensive network of faults and fractures within the basin facilitates the migration of hydrogen from the basement to the sedimentary layers. These pathways are crucial for the accumulation of hydrogen in traps.

·    Unlike fossil fuels, which take millions of years to form, natural or 'white' hydrogen is continuously replenished.

Results obtained by previous operators identified regional sampling in and around the basin of 6 shallow samples indicating concentrations of Hydrogen of between 3-9% and two samples taken from deeper sources of between 3-7% Hydrogen.

Industrial Gas Potential

The Jameson Land Basin's geological characteristics directly influence its potential for helium, white hydrogen, noble gases (xenon, argon, krypton), and hydrocarbons. In the Jameson Land Basin and the Liverpool Land areas of central East Greenland, helium seeps have been identified and are thought to be related to exist in large concentrations as a byproduct of the deep-seated radiogenic decay of granitic basement rocks. The land adjacent to Jameson has been licensed by Canadian listed Pulsar Helium, who also applied for an industrial gas license over Jameson Land but were refused due to the pre-existence of White Flame licenses.

SUMMARY FINDINGS:

In its core findings, ARCO ranked various formations within the Jameson Land Basin as having the highest potential for all gas types as well as liquid-rich hydrocarbon accumulations in the entire East Greenland and that Jameson represents approximately 50% part of the highly productive ±50% of the original area currently known as the Haltenbanken field, North Sea but expresses as an uplifted and onshore part of the basin. All historical assessments concluded that the entire area is extremely prospective, with all the necessary characteristics for the accumulation of gas and liquid hydrocarbons and that large-scale system present throughout the Jurassic and Triassic sedimentary pile with excellent source and seal and permeability characteristics of global scale with walk up drill targets.

The Geological survey of Greenland and Denmark also concluded that Jameson contains all the essential elements: source, reservoir, seal and trap, for a successful and potentially commercial reservoir of gases and liquids. In particular, the work conducted to date would imply that there is major source rock and reservoir potential within the basin and several drillable targets within a total stratigraphic thickness of 17,000 metres of the basin.

The basin remains undrilled despite direct field observation of source rocks and reservoir systems and the presence of multiple hydrocarbon seeps and a clear genetic linkage to the north sea Haltenbanken oil field. Consequently, this venture provides a unique and very exciting opportunity to explore and drill one of the few remaining frontier basins on the Atlantic margin.

GEUS, with the participation of approximately 20 companies in the region compiled all the pre-existing information into a comprehensive 'Geological Information System' (GIS) and importantly, collected huge volumes of additional data through fieldwork and core drilling. Over a prolonged exploration period, GEUS focused on the whole East Greenland Rift Basin, including Jameson to the south of the study area.

Greenland and Denmark Geological Survey (GEUS) continued detailed study over the area until in 2014 White Flame was awarded the licences and in 2015 commissioned the first non-government re-assessment of Jameson since the 1990's incorporating all historical information from ARCO, GEUS and others as well as the reprocessing of all 2D seismic using the latest technology. Results confirmed expectations, significant resource potential was identified.

In 2017 White Flame completed an airborne Full Tensor Gravimetric (FTG) and LiDAR survey over the entire licence area. Subsequent assessment of this data continued to reinforce the prospectivity of the licence area and resulted in the company successfully applying for further acreage to the north of the existing licences (2018/40) and thereby securing the entire onshore part of the Jameson basin. White Flame completed several years of multidisciplinary G&G work, integrating all available datasets, and building what became a comprehensive picture of the structural and sedimentary components of the Jameson Land Basin. This has been used to identify drillable structures and assign levels of geological risk.

Consequently, GEUS compiled a substantial Geological Information System (GIS) including several key elements:            

·    Reprocessed existing seismic data

·    Detailed maps and terrain models

·    18,000 data and chemical samples

·    Boreholes, core samples and sedimentological logs

·    Stratigraphic cross sections

·    Photographs

The first highly detailed version of the GIS was compiled in 2009 and updated in 2011. White Flame purchased this information in 2014 when it won the open tender round for all three James blocks.

Liquid Hydrocarbon and Natural Gas Prospectivity         

·  Source Rocks: The organic-rich shales from the Upper Permian Ravnefjeld Formation and Lower Jurassic formations are key source rocks. Thermal maturation of these shales generates hydrocarbons.

·    Reservoir Rocks: The Triassic and Jurassic sandstones provide excellent reservoir rocks due to their porosity and permeability, allowing hydrocarbons to accumulate.

·    Seal Rocks: Marine shales and other impermeable layers act as seals, trapping hydrocarbons in the underlying reservoir rocks.

·   Structural Traps: Anticlines, synclines, and fault traps within the basin create structural traps where hydrocarbons can accumulate.

 Figure 6 Comparison between Jameson Basin and Prudhoe Bay Integrated Geological Features for All Resources       
·    Crystalline Basement: Provides a source for helium and noble gases through radioactive decay. It also plays a role in generating white hydrogen through geological processes.

·    Sedimentary Sequences: Serve as reservoirs for liquids and traps for migrating gases like helium and noble gases. The presence of organic-rich shales and porous sandstones is crucial.

·    Faults and Fractures: Essential for the migration of gases and hydrocarbons from the basement and within sedimentary layers.

·    Trapping Mechanisms: Structural traps such as anticlines and synclines, along with impermeable seal rocks, are critical for the accumulation of all these resources.

In summary, the Jameson Land Basin's complex geological structure, including its crystalline basement, sedimentary layers, and extensive fault network, creates highly favorable conditions for the generation, migration, and trapping of helium, white hydrogen, noble gases, and hydrocarbons.

 AIM Rule 12 Disclosure

 The disposal of an interest in in either White Flame A/S or the Jameson Concession is being treated as a substantial transaction per AIM Rule 12. The value of White Flame A/S or the Jameson Concession per unaudited management accounts of the Company as at 31 March 2025 was £2.75 million and there are no profits or losses associated with the assets.

 The Company intends to use the one-time cash payment of US$500,000 as general working capital.

 About IPT Well Solutions:

 IPT Well Solutions is a premier engineering and consulting firm with over 30 years of experience in drilling engineering, project management, completions, reservoir engineering, and geology. Each year, IPT evaluates hundreds of well projects across the U.S. and internationally, delivering deep technical expertise and a steadfast commitment to environmental compliance. The firm plays a vital role in advancing sustainable energy development, across oil and gas, carbon sequestration, solution mining, and geothermal projects, through rigorous analysis, regulatory guidance, and a strong focus on environmental stewardship at every stage of well planning and execution.

  Market Abuse Regulation (MAR) Disclosure

The information set out above is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').

 For further information please visit http://www.80mile.com or contact:

Eric Sondergaard | 80 Mile plc | enquiry@80mile.com
Ewan Leggat / Adam Cowl | SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) | +44 (0) 20 3470 0470
Harry Ansell / Katy Mitchell / Andrew de Andrade | Zeus Capital Limited (Joint Broker) | +44 (0) 20 3829 5000
Megan Ray / Said Izagaren | BlytheRay
(Media Contact) | +44 (0) 20 7138 320480mile@blytheray.com

 About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an exploration and development company focused on high-grade critical metals in Tier 1 jurisdictions. With a diversified portfolio in Greenland and Finland, 80 Mile's strategy is centred on advancing key projects while creating value through partnerships and strategic acquisitions.

80 Mile's recent acquisition of White Flame Energy expands its portfolio into the energy and gas sector, adding large-scale licenses for industrial gas, natural gas, and liquids in East Greenland. Approved by shareholders in July 2024, this acquisition diversifies the Company's assets and aligns with its strategy to contribute to sustainable energy solutions, while also exploring conventional energy resources.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary focus for 80 Mile, developed in partnership with KoBold Metals. 80 Mile, through its wholly owned subsidiary Disko Exploration Ltd., has a definitive Joint Venture Agreement with KoBold Metals to guide and fund exploration efforts. These seven priority targets exhibit spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan.

In Finland, 80 Mile currently holds rights to industrial gases like helium and hydrogen at Outokumpu and Hammaslathi, and is conducting further exploration to fully assess these resources.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully permitted and progressing towards near-term production. With a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt, Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralization, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland.

The Thule Copper Project is a significant component of 80 Mile's portfolio in northwest Greenland, focused on exploring and developing high-grade copper deposits within the Thule Basin in northwest Greenland. Leveraging existing infrastructure and exploration credits, the project is strategically positioned in an underexplored region with substantial mineral potential. 80 Mile's established basecamp at Moriusaq will support cost-effective exploration, aligning with the Company's broader strategy to secure high-quality copper and industrial gas projects.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.