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Bluejay Mining ( (GB:80M) ) has shared an update.
80 Mile Plc has announced a significant development in its Jameson liquid hydrocarbon project in Greenland, following a merger agreement between Pelican Acquisition Corporation and Greenland Exploration Limited. The agreement values March GL’s 70% stake in the project at $215 million, with 80 Mile retaining a 30% interest valued at $92 million. This partnership, supported by agreements with Halliburton and other logistics companies, marks a crucial step towards drilling in the Jameson Basin, one of the world’s last untapped oil prospects. The transaction will result in the formation of Greenland Energy Company, expected to trade on Nasdaq, and underscores the strategic importance of the project, potentially yielding significant benefits for 80 Mile and its stakeholders.
More about Bluejay Mining
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. The company’s recent acquisition of White Flame Energy and the Jameson licenses expands its portfolio into the energy and gas sector, adding large-scale licenses for liquid hydrocarbons in East Greenland. This acquisition diversifies the company’s assets and aligns with its strategy to contribute to sustainable energy solutions while exploring conventional energy resources.
Average Trading Volume: 18,452,902
Technical Sentiment Signal: Sell
Current Market Cap: £14.29M
See more insights into 80M stock on TipRanks’ Stock Analysis page.