Business
80 Mile: Proposed Transaction for Development of Jameson Concession
80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US OTC traded (BLLYF.OTC) , exploration and development company with mineral and energy projects in Greenland and a biofuels plant in Italy, is pleased to announce it has entered into a binding heads of terms agreement ("HOT") with March GL Company ("MGL"), a private Texas Corporation, whereby MGL will fund stratigraphic research drilling at the Jameson industrial gas and liquids rich project in Greenland ("Jameson").
About this update from 80 Mile Plc
[{"type":"text","content":"LONDON, May 12, 2025 /PRNewswire/ -- 80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US OTC traded (BLLYF.OTC) , exploration and development company with mineral and energy projects in Greenland and a biofuels plant in Italy, is pleased to announce it has entered into a binding heads of terms agreement ("HOT") with March GL Company ("MGL"), a private Texas Corporation, whereby MGL will fund stratigraphic research drilling at the Jameson industrial gas and liquids rich project in Greenland ("Jameson").","length":590,"tagName":"p"},{"type":"image","alt":"80 Mile PLC (PRNewsfoto/80 Mile PLC)","displaySize":"","headline":null,"caption":"80 Mile PLC (PRNewsfoto/80 Mile PLC)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":400,"url":"https://media.zenfs.com/en/prnewswire.com/5f04cc203329efabd53cf60423133ffb"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/f4aRQ9G38l83kEjilf659g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTcwNTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/5f04cc203329efabd53cf60423133ffb","width":400,"height":400}},"href":"https://mma.prnewswire.com/media/2685043/5313509/80_Mile_PLC_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Under the terms of the agreement, MGL will fund 100% of the costs associated with two stratigraphic exploration holes designed to delineate the sedimentary structure and energy potential of the Jameson Basin. In return, and subject to regulatory approval, MGL can earn up to a 70% interest in the project through a two-stage earn-in structure:","length":343,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MGL will earn an initial 50% interest upon completion of the first hole drilled ("Project 1") to define the basins technical specifications.","length":150,"tagName":"p"}]},{"val":[{"type":"text","content":"An additional 20% interest upon successful completion of a second test hole ("Project 2"), at MGL's discretion, within an agreed timeframe.","length":153,"tagName":"p"}]},{"val":[{"type":"text","content":"March has contracted Halliburton to support logistics planning and to secure other necessary services for Jameson;","length":114,"tagName":"p"}]},{"val":[{"type":"text","content":"80 Mile is free ...