Greenland Energy Company (NASDAQ: GLND) issued a shareholder letter on Aug. 6, 2026, outlining the status of its planned drilling campaign at the Jameson Land Basin in East Greenland, including a decision to limit the 2026-2027 winter exploration program to one well instead of two.

The company stated the reduction was not driven by funding constraints, but by a joint decision with its partner, 80 Mile Plc, and Greenlandic government officials to focus on executing the first well with higher operational and environmental standards. The second well is expected to follow after results from the first are analyzed.

80 Mile Plc serves as the licensee of the Jameson Land joint venture and leads the permitting process and regulatory engagement. Greenland Energy said it supports engineering, logistics, procurement, and operational planning. Drilling has not yet commenced, and required regulatory approvals remain pending.

The company described recent meetings between project leadership and Greenlandic regulatory authorities as constructive, adding that preparations including procurement of long-lead equipment, transportation planning, and contractor coordination are continuing ahead of permit issuance.

Greenland Energy described the Jameson Land Basin as an approximately 2-million-acre onshore licensed area in East Greenland. The company is at the exploration stage and has no proved reserves or production revenues.