Greenland Energy Company (NASDAQ: GLND) is progressing toward exploration drilling in the Jameson Land Basin of East Greenland, an onshore frontier region that CEO Robert Price described as one of the world's last largely undrilled petroleum basins. In an interview with Energy, Oil & Gas Magazine, Price said the company holds rights to up to a 70% working interest in the basin and is using reprocessed seismic data originally collected by Atlantic Richfield Company (ARCO) in the 1970s and 1980s. Modern reprocessing has refined drilling targets within a geological system that the company believes shares characteristics with the North Sea.
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, Price said. Project preparations include refurbishment and transport of a drilling rig, road construction and logistics planning led by Halliburton, with initial drilling targeted for October 2026. The estimated cost for the first well is $40 million, with subsequent wells costing around $20 million each.
Price said the project could play an important role in future energy security while contributing to Greenland's long-term economic development, drawing comparisons to the impact of resource development in Norway and Denmark. However, the Jameson Land Basin remains high-risk: it has never produced a commercial discovery despite decades of study, and a 2008 U.S. Geological Survey report stated less than a 10% chance of containing a technically recoverable hydrocarbon accumulation. The basin also faces geological complexity from igneous intrusions, faulting, and significant Tertiary uplift that creates thermal maturity uncertainty.
Operational challenges include remote Arctic conditions with extreme climate, limited daylight, no existing infrastructure, and seasonal access windows. Greenland Energy must obtain Environmental Impact Assessment approval and a Field Activities Application from Greenlandic authorities before drilling. A 2021 Greenland drilling moratorium exists, but the company's licenses are grandfathered; however, future regulatory changes could affect operations. Political risks include U.S. interest in acquiring Greenland and Greenland's internal independence movements.
The company faces significant capital requirements and needs substantial funding beyond current resources to complete the drilling program. Commodity price volatility and the global energy transition pose additional risks, as oil demand may decline due to electric vehicle adoption and renewable energy policies. Greenland Energy has issued forward-looking statements cautioning that actual results may differ materially from projections, and details risk factors in its filings with the Securities and Exchange Commission.
Despite these challenges, Price said stakeholders increasingly view the basin's potential hydrocarbon resources as a catalyst for infrastructure investment, public revenue generation, and broader economic growth in Greenland. The company's progress will be closely watched as it moves toward the October 2026 drilling target.
