Greenland Energy (NASDAQ: GLND) is advancing development of the Jameson Land Basin in East Greenland, an onshore petroleum basin that CEO Robert Price described as one of the world's last largely undrilled frontier oil regions. In an interview with Energy, Oil & Gas Magazine, Price said the company holds rights to up to a 70% interest in the basin and is leveraging extensive seismic data originally collected by Atlantic Richfield Company (ARCO) during the 1970s and 1980s. Modern reprocessing of the historical data has helped refine potential drilling targets within a geological system the company believes shares characteristics with the North Sea.
Price said independent evaluations have suggested upside potential of up to 13 billion barrels across the basin, with the first drill location estimated to contain approximately 2.9 billion barrels. He added that project preparations are underway, including refurbishment and transport of a drilling rig, road construction and logistics planning led by Halliburton, with initial drilling targeted for October 2026.
According to Price, the project could play an important role in future energy security while also contributing to Greenland's long-term economic development. Drawing comparisons to the impact of resource development in Norway and Denmark, he said stakeholders increasingly view the basin's potential hydrocarbon resources as a possible catalyst for infrastructure investment, public revenue generation and broader economic growth.
The Jameson Land Basin has never produced a commercial discovery despite decades of study dating back to the 1970s, and a 2008 USGS report stated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. Nevertheless, Greenland Energy is moving forward with plans that include an estimated well cost of $40 million for the first well and $20 million for subsequent wells. The company faces significant operational and environmental risks, including challenges of operating in a remote Arctic location with extreme climate, harsh weather, limited daylight, no existing infrastructure, and seasonal access windows for equipment and personnel. Drilling hazards such as blowouts, equipment failures, well control events, environmental releases, and accidents are inherent in oil and gas operations.
Regulatory and political risks also loom. Greenland imposed a drilling moratorium in 2021, but licenses are grandfathered. However, future regulatory changes could jeopardize operations. Geopolitical tensions, including U.S. interest in acquiring Greenland and Greenland's internal independence movements, could affect operations. Drilling requires Environmental Impact Assessment approval and Field Activities Application approval from Greenlandic authorities. Failure to meet drilling milestones could result in loss of the company's right to earn working interests.
Financially, the company faces significant capital requirements and the need for substantial funding beyond current resources to complete the drilling program. Commodity price volatility will heavily influence project viability, and the long development timeline means market conditions may change significantly before potential production, unlike short-cycle shale projects. The company has expressed going concern uncertainty and substantial doubt about its ability to continue as a going concern without additional financing. Energy transition risk also looms, as global demand for oil may decline due to electric vehicle adoption, renewable energy policies, and changing consumer preferences.
Despite these risks, the project represents a potential major development in frontier exploration. For the industry, success could open a new hydrocarbon province. For Greenland, it could bring infrastructure investment and economic growth. For the world, it could impact energy security by adding new supply sources. However, the company acknowledges the inherent uncertainty in prospective resource estimates, noting that the 13 billion barrel estimate is based on undiscovered accumulations with no certainty of discovery or commercial viability.
The full interview and details are available in Energy, Oil & Gas Magazine. For more information on risk factors, see the company's filings with the SEC, including the Prospectus filed on April 29, 2026, under Rule 424(b)(4) of the Securities Act, available at SEC.gov. Additional disclaimers are available on the InvestorBrandNetwork website at IBN.fm/Disclaimer.
