80 Mile PLC (AIM:80M, OTCQB:BLLYF) shares rose almost 10% after the company saw its run of positive news continue.
The latest catalyst came in the form of an announcement from its US joint venture partners regarding an independent assessment and prospective resources report that set out the "world-class potential" of the Jameson land basin in Eastern Greenland.
The independent assessment by oil field specialists Sproule estimated 13.03 billion barrels on a P10 basis of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson basin.
Potential upside was also highlighted outside previously identified target areas, across the broader licence and at depth, with 58 prospects and leads identified.
80 Mile said its attributable share equates to approximately 3.9 billion barrels based on its 30% interest post-earn-in completion.
The company and partner March GL previously signed a joint venture agreement for drilling, where March GL will fund 100% of the costs associated with up to two exploration wells in return for up to a 70% working interest.
The shares rose 11.4% to 0.8p, up around 200% so far this year to the highest since the second half of 2023, when 80 Mile was called Bluejay Mining PLC.