Company has entered into a Deed of Variation and Novation (the "Deed") with 80 Mile plc (AIM: 80M) ("80 Mile") and March GL Company, a wholly owned subsidiary of the Company ("March GL"), relating to the parties' existing Farm Out Agreement concerning the Jameson Land Basin in East Greenland.

Under the Deed, Greenland Energy Company has assumed March GL's rights and obligations under the Farm-Out Agreement. The longstop date applicable to the first exploration well has been extended from December 31, 2026 to December 31, 2028, and the longstop date applicable to the second exploration well has been extended from December 31, 2027 to December 31, 2028.

Under the Deed, Greenland Energy Company will take sole responsibility, at its own cost, for securing and maintaining the permits and approvals required for the Jameson Land drilling program. 80 Mile will remain responsible for other Government Consents required under the Farm-Out Agreement and will provide reasonable assistance with the Company's permitting activities.".

In consideration for 80 Mile entering into the Deed and agreeing to the amendments and arrangements contemplated by it, Greenland Energy Company will pay 80 Mile a fee of £500,000 within five business days of the effective date.