80 Mile PLC (AIM:80M, OTCQB:BLLYF) has inked a deal with March GL, a private US firm, to fund and drill two exploration wells at the Jameson gas and liquids project in East Greenland.
March GL will finance 100% of the drilling costs. Upon completing the first hole, March GL will earn a 50% interest, a second well would increase its stake to 70%.
The programme will investigate the potential for hydrogen, helium, natural gas, and liquid hydrocarbons.
"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,” 80 Mile managing director Eric Sondergaard said.
"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.”
In London, 80 Mile shares rose 10% to 0.32p, valuing the exploration small-cap at just over £12.5 million.