Greenland Energy has entered into a five-year drilling agreement with Stampede Drilling to support its upcoming operations in the Jameson Land Basin of East Greenland.
The arrangement secures Stampede's Rig #12, which is constructed for work in Arctic environments, as well as Stampede’s technical personnel, for the drilling of up to two wells scheduled for 2026.
The agreement follows Greenland Energy's formation through the merger of Pelican Holdco, Pelican Acquisition, March GL and Greenland Exploration, which was completed this month.
The planned drilling activity will focus on the Jameson Project, which covers 8,429km² and is fully owned by 80 Mile across three licences.
Greenland Energy focuses on hydrocarbon exploration within Greenland and aims to establish itself as a public platform for Arctic energy development. Stampede based in Calgary, Alberta, supplies contract drilling services with specialised rigs for projects in Western Canada and emerging regions.
Under the terms set out by Greenland Energy, two boreholes of 3,500m each will be drilled in the second half of 2026.
Funding for this work will come entirely from Greenland Energy. Once drilling concludes, the company will hold a 70% interest in the project, while 80 Mile will retain a 30% stake.
Greenland Energy CEO Robert Price said: “Securing a reliable, high-calibre drilling partner is essential for success in advancing a project of this scale. Stampede brings proven expertise in Arctic conditions and a track record of safety and efficiency, giving us the operational backbone to deliver our 2026 programme.”
Jameson Land Basin is said to be one of the largest undrilled basins worldwide and has received over $275m in historic investment from several major companies, including ARCO.
Independent US-based assessments report a potential resource estimate of up to 40 billion barrels of oil equivalent (bboe) across the concession, with geological similarities to North Sea assets.
Stampede president and CEO Lyle Whitmarsh said: “Delivering in extreme conditions demands precision and respect for the environment. We're excited to partner with the Greenland team on a programme that has the potential to open one of the most exciting unexplored basins in the world, and we look forward to delivering the operational performance that makes that vision a reality.”
