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Highlights
March GL to fund drilling and earn up to seventy percent interest in Jameson project
Equity risk notes cover pre-drill outlays, convertible into AIM:80M shares or cash
Collaboration aims to advance hydrogen, helium and hydrocarbon exploration
The energy exploration sector drives advances in resource discovery and infrastructure development across frontier regions. Operators combine financial frameworks and technical expertise to unlock reserves, with strategic alliances central to progressing challenging projects. Offshore and Arctic basins have attracted renewed interest, as companies pursue alternatives to conventional fields.
Partnership Framework with March GL
KEFI Gold and Copper PLC’s subsidiary, 80 Mile PLC, has formalised a collaboration with US-based March GL for its Jameson gas and liquids licence in East Greenland. Under this arrangement, March GL will underwrite costs for two exploratory wells. Upon completion of the first well, March GL secures a half-share interest, rising to seventy percent after the second well. That stepwise earn-in model aligns capital contributions with exploration milestones.
Equity Risk Notes and Project Funding
March GL’s financial commitment takes the form of equity risk notes, totalling around thirty-five million US dollars. These notes will be repaid either through cash distributions or by converting into 80 Mile shares once commercial production begins. That structure ensures pre-drill expenses are covered without immediate dilution for existing shareholders, while preserving upside for early contributors.
Advancing an Arctic Energy Corridor
The Jameson initiative forms part of a broader vision to establish a continuous exploration and export network across the Arctic and North Atlantic rim. By attracting international investment, the project seeks to bolster regional logistics, ice-class shipping routes and processing facilities. Shared studies on ice-management and offshore support bases aim to reduce unit costs and foster a sustainable operating environment.
Market Reception to Development News
Equity markets in London registered a notable uptick in 80 Mile’s share value following announcement of the March GL agreement. That movement reflected investor acknowledgement of secured funding and de-risked exploration phases. Trading volumes rose as market participants reassessed the company’s enterprise value in light of a clear path to first well spud date.
Environmental Stewardship and Operational Planning
Exploration activities in Greenland’s sensitive ecosystems require rigorous environmental controls. 80 Mile and March GL have engaged Arctic advisory groups and regulatory agencies to finalise impact-assessment protocols. Key measures include vessel-trajectory planning to minimise wildlife disruption, zero-discharge mandates during drilling and use of digital seismic methods to reduce survey footprints. These initiatives underscore a commitment to balancing resource development with ecological preservation.
