00:00 Speaker A

Mhm. Robert, the last time I saw you, we were in Greenland together taking a look at some of the preparations for Greenland Energy company to begin drilling. And you told me then that your timeline, your plan is to have the first well on the ground this year within 2026. Yes. Does that still stick and how it, how is that progressing?

00:23 Speaker B

We’re going to position all our equipment there on by August 1st and then that ship will leave on September 12th. We’ll ship all of the 300 containers in and then start drilling our well in uh right around the first week of October, first well.

00:46 Speaker A

The numbers you laid out for me were looking at an upside of 13 billion barrels of commercially recoverable oil. Yes. Now, tell me what that means for Greenland Energy Company and then what that could mean for the broader energy market.

01:05 Speaker B

What we saw during the Ukrainian war, um Europe was importing over 2 million barrels a day from Russia. Uh when the war started, they stopped importing that crude. The US shale industry has made up that short supply. Now, whether the US shale industry is going to lean in on trying to help out with the supply issue remains to be seen. Our oil is 40 degree gravity, the same print crude. So the refiners in Europe are used to it. So we could be a solution not only for US energy security, but also European energy security.

01:50 Speaker A

You told me when we were in Greenland that Europe could be one of the primary buyers of this oil you’re getting in Greenland. Have those discussions even if preliminarily started and then how when would you be able to begin selling that oil and actually exporting it out to Europe or to other buyers?

02:13 Speaker B

Yeah. Uh we’ve actually had inquiries from refineries. But the thing is, we need to discover the oil first. So we need to get our wells down. Now, our wells are only three miles from shore. So we could be exporting in a very short period of time. But for full well full field development, um it would take, you know, the next decade.

02:40 Speaker A

13 billion barrels of oil would be one of the largest discoveries in the last 50 years. It would rank above Exxon’s massive discovery in Guyana back in 2015. How are you approaching operationalizing that and dealing with the scale of oil that you may find?

02:59 Speaker B

Yeah. Well, with Halliburton and IPT well solutions, they’re working with us to get these first two wells drilled. Uh this project, if we’re successful, Jake, it’s going to take another major oil and gas company to partner with us to bring it into full scale production.

03:22 Speaker A

Mhm. And have those conversations started even if preliminarily?

03:26 Speaker B

Um the answer is yes, we’ve had preliminary discussions um and even since the war broke out in Iran, uh we’ve had refineries calling us. And again, it’s premature. Our bandwidth is focused on getting our first two wells drilled, but we’ve had a lot of inquiries.