Greenland Energy Co Amends 80 Mile Farm-Out, Extends Drilling Deadlines

What Happened Greenland Energy Company (GLND) filed an 8-K disclosing a Deed of Variation and Novation dated September 23, 2026 that amends its Farm-Out Agreement with 80 Mile plc (AIM: 80M) and March GL Company (a wholly‑owned subsidiary). The Deed transfers March GL’s rights and obligations under the original September 9, 2025 Agreement to Greenland Energy, extends the longstop dates for drilling the first and second exploration wells in the Jameson Land Basin (Greenland) to December 31, 2028, and makes Greenland Energy solely responsible for obtaining and maintaining all drilling, environmental, access and other permits. In consideration for these changes, Greenland Energy will pay 80 Mile £500,000 in cash within five business days. The company issued a press release about the amendment on September 24, 2026.

Key Details

• Deed executed: September 23, 2026; press release issued September 24, 2026.
• Payment: £500,000 to 80 Mile, payable within five (5) business days.
• Timeline changes: First well longstop extended from Dec 31, 2026 → Dec 31, 2028; second well longstop extended from Dec 31, 2027 → Dec 31, 2028.
• Responsibility shift: Greenland Energy (the Company) now solely responsible, at its cost, for permits, access rights, environmental/social permits, approvals and related compliance for the Jameson projects.

Why It Matters For investors, the Deed reduces near‑term drilling deadlines by pushing both well longstop dates to the end of 2028, giving Greenland Energy more time to prepare but also delaying potential exploration results. The immediate cash impact is a £500,000 payment to 80 Mile. Importantly, Greenland Energy has taken on sole responsibility and cost for permitting and related regulatory compliance, which could increase project expenses and require additional management focus or capital. The filing points to a material contractual change in the Jameson Land Basin joint‑venture arrangement; investors should review the full Deed (Exhibit 10.1) and the company press release (Exhibit 99.1) for complete details.