en.Wedoany.com Report, Greenland Energy has entered into a five-year drilling agreement with Stampede Drilling to support its exploration activities in the Jameson Land Basin, East Greenland. The agreement secures Stampede's Rig 12, specifically designed for Arctic conditions, along with related technical personnel, to drill up to two wells in 2026.
This drilling program will focus on the Jameson Project, covering 8,429 square kilometers and wholly held by 80 Mile through three licenses. According to the agreement terms, two wells, each with a depth of 3,500 meters, will be drilled in the second half of 2026, fully funded by Greenland Energy. Upon completion of the drilling, Greenland Energy will hold a 70% interest in the project, with 80 Mile retaining a 30% stake.
Greenland Energy focuses on hydrocarbon exploration in Greenland, aiming to become a public platform for Arctic energy development. Stampede, headquartered in Calgary, Alberta, Canada, provides contract drilling services and specialized equipment for Western Canada and emerging regions. Greenland Energy CEO Robert Price stated: "Advancing a project of this scale requires a reliable and high-caliber drilling partner. Stampede's expertise in Arctic conditions and its track record of safety and efficiency provide operational support for executing the 2026 plan." Stampede President and CEO Lyle Whitmarsh said: "Operating in extreme environments requires precision and respect for the environment. We look forward to collaborating with the Greenland team on this program, which could unlock a globally significant underexplored basin, and achieving this vision through operational excellence."
The Jameson Land Basin is considered one of the world's largest undrilled basins, having received over $275 million in historical investment from multiple companies, including ARCO. Independent U.S. assessments estimate the area's potential resources could reach 40 billion barrels of oil equivalent, with geological characteristics similar to North Sea assets. This drilling agreement marks a new step forward for Greenland Energy in Arctic exploration, helping to enhance its position in the global energy market.
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