6th Oct 2026 11:00
(Alliance News) - 80 Mile PLC on Tuesday said it extended the deadline for Greenland Energy Co to announce a firm intention to make an offer.
Greenland Energy had previously been required to either announce firm intention of an offer for 80 Mile, or that it did not intend to make an offer, by no later than 1700 BST on Tuesday.
On September 8, 80 Mile and Greenland Energy had started confirmatory due diligence and negotiations on definitive transaction documentation for the all-share acquisition of 80 Mile by Greenland Energy.
Greenland Energy now has until 1700 BST on November 3 to announce a firm intention to make an offer for 80 Mile, or announce that it does not intend to make an offer.
Greenland Energy is a Texas-based exploration company focused on exploring and developing the Jameson Land Basin in East Greenland. It already holds a 4.4% stake in 80 Mile, having acquired 246.8 million shares between August 25 and September 3 at prices ranging from 0.53 pence to 0.82 pence each.
Shares in 80 Miles were down 9.8% to 1.09 pence per share on Tuesday morning in London.
In September, 80 Mile said Greenland Energy brought "a significantly stronger financial position", including USD37.4 million in cash and cash equivalents as at June 30, 2026.
80 Mile confirmed there was no certainty that any firm offer would be made for the company. However, discussions remained ongoing, and the parties had not entered into definitive transaction documentation.
80 Mile said a merger with a company of Greenland Energy's financial strength would ensure its assets were less constrained by "capital availability, volatility and equity capital markets".
In August, drilling at its 80 Mile's Jameson Land Basin project was delayed after the Greenland government gave the company a warning after equipment was moved to Nerlerit Inaat airport without the necessary approvals.
At the time, Greenland's Ministry of Trade & Mineral Resources said 80 Mile lacked "necessary approvals from the mineral resources authority in place before initiating this operation."
By Niall Holden, Alliance News reporter
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