Independent Petroleum Reserves and Resources Evaluation Identifies 13 Billion Barrel Potential at Jameson Land Basin, Greenland

Rhea-AI Summary

80 Mile (AMRQ) highlighted an independent Sproule ERCE assessment estimating 13.03 billion barrels gross un-risked recoverable prospective oil resources (P10) in the Jameson Land Basin, Eastern Greenland, across 58 prospects. Under the agreed earn-in, 80 Mile's attributable P10 share is approximately 3.9 billion barrels (30% post earn-in). March GL will fully fund up to two exploration wells (each ≥3,500m) and may earn up to 70% interest; first free-carried drilling is expected in H2 2026. Preparations include Halliburton for drilling services, IPT Well Solutions as project manager, and rig mobilisation and logistics agreements in place.

Positive

• 13.03 billion barrels gross un‑risked prospective resources (P10)
• 3.9 billion barrels attributable to 80 Mile at 30% (P10)
• 58 prospects identified across Jameson, indicating scale
• Up to two wells fully funded by March GL under earn‑in
• Drilling partners contracted: Halliburton and IPT Well Solutions

Negative

• Resources reported are gross un‑risked prospective (not reserves)
• Jameson remains untested by wells—prospects are undrilled
• 80 Mile may reduce to a 30% working interest after earn‑in
• First drilling timeline is expectation (H2 2026) not a guarantee

Insights

Senior Oil & Gas Resource Analyst

Independent Sproule ERCE estimate of 13.03 billion barrels (P10) and funded drilling materially raises project value and de‑risking prospects.

Sproule ERCE reports approximately 13.03 billion barrels (P10) of gross unrisked recoverable prospective oil resources across 58 prospects in the Jameson Land Basin, with 80 Mile attributable to ~3.9 billion barrels (P10) under the earn‑in (post 70/30) structure. The commercial mechanism is a first, free‑carried drilling program where March GL will fund up to two exploration wells to at least 3,500 metres, and may earn up to a 70% working interest while 80 Mile retains a 30% interest on completion; Halliburton and IPT Well Solutions are contracted for operations and project management.

The key dependencies and risks rest on execution and technical outcomes rather than the resource estimate alone. The reported figures are gross unrisked P10 prospective resources assessed to PRMS 2018 standards, which do not equate to proved reserves and carry geological and commercial uncertainty until successful drilling and appraisal occur. Operational risk centers on deepwater/Arctic logistics, rig mobilisation, and the results of the planned wells; funding risk appears mitigated for the initial two wells because March GL will fund them, but vesting of interests depends on those well outcomes.

Concrete items to watch: the start and results of the two exploration wells (mobilisation and spud schedule for H226), any technical well results reported (depths, shows, wireline data, tests), and formal conversion of prospective resources to contingent or proved categories following well data. Track documented delivery of contracted services and any changes to the earn‑in terms; these milestones will determine whether the reported P10 volumes translate into retained, commercial value for the 30% interest.

LONDON, Oct. 29, 2025 /PRNewswire/ -- 80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, notes the recent announcement as of October 28^th,  by its US joint venture partner, March GL Company ("March GL") and Pelican (PELI.Nasdaq) ("Pelican"), regarding the results of an independent assessment and prospective resources report prepared by Sproule ERCE (the "Sproule Report") confirming the world-class potential of the Jameson Land Basin ("Jameson"), located in Eastern Greenland.

Highlights

• Independent assessment by US based oil field specialists, Sproule ERCE estimate 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin
  o  The report also highlights potential upside outside these already identified target areas, across the broader licence and at  depth. Specifically, the Permian base layer
• 80 Mile's attributable share equates to approximately 3.9 billion barrels (P10) based on its 30% interest post earn-in completion
• Report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
• First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, March GL will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson Basin.

In return, March GL may earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy A/S upon completion of the second well. Until that time, 80 Mile retains 100% legal ownership of the licences covering approximately two million acres in Eastern Greenland.

The Sproule Report, prepared in accordance with the Petroleum Resources Management System ("PRMS 2018"), assesses total gross unrisked recoverable prospective resources of approximately 13.03 billion barrels (P10) across 58 identified prospects. The report can be found on the SEC website here;

https://www.sec.gov/Archives/edgar/data/2037431/000182912625008407/pelicanacq_ex99-1.htm

Of this, 80 Mile's attributable interest under the full earn-in structure equates to approximately 3.9 billion barrels (P10).

The report also highlights the multiple, stacked, large and high-quality structural reservoirs and stratigraphic traps, as well as the significant exploration upside across the basin. Sproule's findings confirm Jameson's scale and geological quality, ranking it amongst the world's most significant untested hydrocarbon provinces.

Preparations for drilling are ongoing, with Halliburton contracted to provide drilling services and logistics support, and IPT Well Solutions appointed as project manager. Mobilisation of a 3,500-metre-capable rig is now scheduled with shipping and logistics agreements already executed with leading service providers.

Competent Person Report

The information in this announcement relating to Prospective Resources of the Jameson Land Basin, Greenland Evaluation is based on information compiled by Jeffrey Aldrich, Principal Geoscientist P.G., L.P.G, Sproule ERCE. Certified Petroleum Geologist (CPG), Jeffrey Aldrich is a member of The American Association of Petroleum Geologists and has sufficient experience of petroleum reserves and resources evaluation under consideration, and to the activity he is undertaking to qualify as a Competent Person.

The scientific and technical disclosure included in the Sproule Report has been reviewed and approved by Eric Sondergaard, a director of 80 Mile PLC, who is also a Member of the Alberta Association of Professional Geoscientists and Engineers (APEGA). Mr. Sondergaard has sufficient experience, to qualify as a Qualified Person ('QP') as defined by the AIM rules. Mr. Sondergaard has additionally reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears.

Roderick McIllree, Executive Director of 80 Mile, commented:

"I first visited Jameson Land over a decade ago and was struck by its scale and geology. It truly is a remarkable project.

This latest report represents a major milestone for Jameson. It marks the first time the project has been formally recognised within the U.S. energy sector. Based on this report and the Pelican presentation, and on a P10 basis, Jameson now ranks as the thirteenth largest undeveloped oil accumulation globally, as filed with the SEC.

The significance of that cannot be overstated. Western Europe built its modern economies and sovereign wealth funds on North Sea oil, and it now appears that Greenland may host a comparable, and largely untapped, resource base.

With a listed and fully funded U.S. joint venture partner, soon to be renamed Greenland Energy Company, we are now positioned to drill and answer a question that has remained unresolved for more than sixty five years."

For further information please visit http://www.80mile.com

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market under the ticker 80M, 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. With multiple projects in Greenland, as well as a developing industrial gas and biofuels business in Italy, 80 Mile offers both portfolio and commodity diversification focused on base metals, precious metals, and industrial gas while expanding into sustainable fuels and clean energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centred on advancing key projects while creating value through partnerships and strategic acquisitions.

80 Mile's acquisition of White Flame Energy and the Jameson licenses in East Greenland has positioned the Company in one of the world's most compelling undrilled hydrocarbon basins. Under its agreement with March GL, drilling of two fully funded wells is set to commence, with Pelican Acquisition Corporation's merger with Greenland Exploration valuing 80 Mile's retained 30% interest in Jameson at approximately US$92 million. This acquisition and partnership significantly expand 80 Mile's exposure to the energy sector while advancing its strategy of developing both conventional and sustainable energy opportunities.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets exhibiting spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan, will be advanced by the Company.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully with a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralisation, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland.

80 Mile PLC has executed an asset purchase agreement with Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ) to divest its 100% interest in the Kangerluarsuk zinc-lead-silver project in Greenland. Under the terms of the agreement, 80 Mile will receive US$500,000 in Amaroq shares upon completion, with a further US$1,500,000 payable in cash or shares upon the discovery of an economic deposit, defined by a JORC or NI 43-101 compliant resource that supports development.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given that the initial public offering will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as described in the offering prospectus. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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SOURCE 80 Mile PLC

FAQ

What did Sproule ERCE estimate for Jameson Land Basin in 2025 for AMRQ?

Sproule ERCE estimated 13.03 billion barrels gross un‑risked recoverable prospective oil resources (P10) in the Jameson Land Basin.

How much of the Jameson P10 resource is attributable to 80 Mile (AMRQ)?

Under the earn‑in structure 80 Mile's attributable share is about 3.9 billion barrels (30% post earn‑in, P10).

When will drilling at Jameson expectedly start and who pays for it for AMRQ?

First free‑carried drilling is expected in H2 2026, with March GL funding up to two exploration wells at 100% cost initially.

How many prospects did the independent report identify at Jameson for AMRQ?

The Sproule report identifies 58 prospects and leads across the Jameson licence area.

What drilling and project partners are engaged for the Jameson programme for AMRQ?

Halliburton is contracted for drilling services and logistics, and IPT Well Solutions is appointed as project manager.

Does the 13.03 billion barrel figure represent proven oil for AMRQ shareholders?

No; the figure is gross un‑risked prospective resources (P10), meaning these are estimates of potential recoverable oil and are not proven reserves.