Greenland Energy is a pre-revenue exploration-stage oil and gas company focused entirely on drilling for oil in the Jameson Land Basin of East Greenland. The company has no proved reserves, no wells drilled, and has generated no revenue since its formation in 2025. Its sole asset is a contractual right to earn a working interest in three onshore exclusive exploration licenses covering over 2 million acres, currently held by White Flame Energy, a subsidiary of 80 Mile plc. Under a farm-out agreement, Greenland Energy funds 100% of the first two wells' costs in exchange for working interest: drilling the first well (OPW-1, ~$40M) earns a 50% working interest, and drilling the second well (OPW-6, ~$20M) increases that to 70%. The earn-in is based on drilling to a specified depth regardless of whether oil is found. Phase I targets two wells in H2 2026, with a third contingent on results and additional capital. Greenland Energy completed a SPAC merger in March 2026 and is conducting a follow-on equity offering of up to ~$70M to fund the ~$60M two-well program. If commercial hydrocarbons are discovered, the company would seek an exploitation license from the Greenland government and pursue development — a path that would require hundreds of millions in additional capital and construction of export infrastructure, as Greenland has no existing oil and gas export facilities.