80 Mile shares soar on new Greenland asset valuation

(Sharecast News) - The share price of AIM-listed metals group 80 Mile more than doubled on Wednesday after its 30% stake in the Jameson liquid hydrocarbon project in Greenland was valued at $92m. The news follows the merger between Nasdaq-listed Pelican Acquisition Corporation and March GL subsidiary Greenland Exploration Limited, which has an agreement to earn up to 70% in the Jameson project.

The merger values March GL - which is funding 100% of the costs associated with drilling two exploration wells at Jameson - at around $215m valuation, implying a value of $92m for 80 Mile's stake.

"This deal has come after many months of hard work by many people across multiple organisations, whether they be financiers, international legal experts, oil industry experts, or the leaders of the individual companies themselves," said Roderick McIllree, executive director of 80 Mile subsidiary White Flame Energy, which holds the 30% interest.

"What we have now is one big machine that is aligned in its desire to prove the existence of one of the world's last remaining great untapped oil occurrences."

80 Mile's shares were up 142% at 0.78p by 1553 BST.