80 Mile said on Friday that executive director Roderick McIllree had been appointed managing director of Greenland Energy Company, its Nasdaq-listed joint venture partner for the Jameson Land Basin project, with immediate effect.<\/p>\n
The AIM-traded company said McIllree would oversee Greenland Energy\u2019s day-to-day activities in Greenland, focusing on permitting, regulatory engagement and stakeholder relations ahead of the planned exploration programme.<\/p>\n
80 Mile clarified that its subsidiary White Flame Energy, as the 100% holder of the Jameson Land Basin exploration licences, remained solely responsible for assessment, permitting and regulatory engagement with Greenlandic authorities.<\/p>\n
Under the farm-in agreement, Greenland Energy is required to drill two exploration wells of about 3,500 metres each to earn up to a 70% interest in the project, with the first well earning 50% and the second a further 20%.<\/p>\n
The total expected cost of the drilling campaign is $70m.<\/p>\n
At 1313 BST, shares in 80 Mile were down 0.11% at 0.91p.<\/p>\n
Reporting by Josh White for Sharecast.com.<\/p>\n