Greenland Energy Company (NASDAQ: GLND) provided a midyear operational update highlighting significant progress since its March 2026 Nasdaq debut. The company completed a public offering that raised approximately $70 million in gross proceeds and executed key service agreements supporting its East Greenland exploration program. Among the agreements, the company signed a five-year drilling agreement with Stampede Drilling and an agreement with Halliburton (NYSE: HAL) for integrated consulting, logistics and well services ahead of its planned drilling campaign.
Greenland Energy continues advancing procurement, infrastructure planning and equipment mobilization for its Jameson Land Basin project while targeting the start of modern onshore drilling operations in October 2026. The company plans to drill the OPW-1 and OPW-6 exploration wells, each extending approximately 3,500 meters. The basin contains independent estimates of up to 13 billion barrels of gross unrisked prospective oil resources, supported by historical seismic data and prior industry investment.
The partnerships with Halliburton and Stampede Drilling are critical for executing the exploration program in the remote Arctic environment. Halliburton will provide integrated services including consulting, logistics and well services, leveraging its global expertise in complex drilling operations. The five-year drilling agreement with Stampede Drilling ensures dedicated rig availability for the planned campaign.
The company's Nasdaq listing and successful capital raise provide the financial foundation for the exploration program. The $70 million in gross proceeds will fund procurement, infrastructure development and initial drilling operations. Greenland Energy aims to responsibly develop Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin, and create a publicly traded platform for Arctic energy development.
The exploration program targets two wells in a basin with significant historical exploration data. Previous industry investment and seismic surveys have identified multiple prospects, and the company believes the basin holds substantial resource potential. The October 2026 drilling start marks a key milestone for Arctic exploration, with operations planned during the limited seasonal window.
For more information, visit the full press release at https://nnw.fm/xjzJf and the company's newsroom at https://nnw.fm/GLND.
