80 Mile PLC (AIM:80M, OTCQB:BLLYF) shares tumbled 20% on Wednesday after it told investors that drilling at the Jameson Land Basin project in East Greenland will be delayed, with regulators currently guiding towards winter 2027 rather than the previously targeted 2026/27 winter season.
The company said the slippage reflects the time required to complete permitting and regulatory approvals and does not represent a change in its plans for Jameson. Its White Flame Energy subsidiary holds the project’s three exploration licences, covering around 8,429 square kilometres.
Separately, 80 Mile confirmed it has received a formal warning from the Government of Greenland over equipment landed at Nerlerit Inaat airport.
The company said the equipment consisted predominantly of accommodation and camp containers moved from its Dundas titanium project and that storage had been arranged with Greenland Airports A/S. It acknowledged, however, that the storage arrangement required a separate permit from the Mines regulator and said it had given undertakings regarding future logistics movements.
Executive director Rod McIllree said 80 Mile remained committed to the project and would begin drilling once the required approvals were secured.
Jameson’s planned programme is designed to test several stacked reservoir targets, with a 2025 agreement with March GL providing for two fully funded 3,500-metre drill holes.
In London, 80 Miles shares were down 20.2%, changing hands at 0.49p.
