Trump-Connected Greenland Energy Company Is Already Flopping

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Whelp, that was fast. If US President Donald Trump planned to enter Greenland through a catering container, as it were, he just failed. The self-declared US firm “Greenland Energy Company” was all set to drill for oil in Greenland, without a permit, which is totally on brand for Trump, who reportedly has a personal connection to the firm. As may be expected, the plan soon unraveled and Greenland Energy put the plan on hold — while passing the buck to another company, of course.

Greenland Energy’s Oil Scheme Flops, Bigly

Here’s the entire scoop from Greenland Energy Company, posted by the press release distribution firm prnewswire:

DENVER, Aug. 11, 2026 /PRNewswire/ — Greenland Energy Company (the “Company”) (NASDAQ: GLND) today announced that it has received an update from its JV partner, 80 Mile plc (AIM: 80M), which is leading the permitting process for the Company’s Greenland project. Based on information received by 80 Mile from the Government of Greenland, the project’s complexity will require a more extensive, comprehensive review process. The partners are now working toward a targeted permit timeline for winter 2027.

“Greenland Energy remains committed to advancing its oil exploration program responsibly and in accordance with Greenland’s regulatory process, and in full compliance with Greenlandic authorities,” said Robert Price, CEO of Greenland Energy Company. “Operating in the Arctic requires patience, flexibility and a long-term perspective. We will use this time to refine our plans and deepen relationships with local communities, strategic partners and relevant authorities. Greenland Energy Company’s ongoing work in Greenland reinforces my confidence in the jurisdiction, its people and the long-term potential for responsible resource development.”

While the revised timeline extends the anticipated permitting process, the Company views the additional review period as an opportunity to strengthen project planning further and optimize logistics and infrastructure requirements. The Company is reviewing the logistical modifications required given this information and will advise shareholders as soon as practicable.

The Rise And Fall Of Greenland Energy Company

Greenland Energy describes itself as an  “exploration-stage oil and gas company focused on responsibly exploring and seeking to develop Greenland’s hydrocarbon resources, with an emphasis on the Jameson Land Basin in East Greenland.” So much for that. As of this writing (early morning August 12), the company ‘s stock (listed on NASDAQ) is tanking in after-hours trading to just under $2.00 USD.

On Greenland Energy’s website (it’s here), one can discover that the company is a recently formed entity involving a Houston-based SPAC (special purpose acquisition corporation), the Pelican Acquisition Corporation. The arrangement was announced as complete on March 25 of this year, combining Pelican Acquisition with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company.

By then, Greenland Energy already had its wheels in motion, having engaged the Canadian shipping firm Desgagnés to transport drilling equipment to Jameson Land Basin. The company also reported that the leading US oilfield services firm Halliburton was on board for logistics. In addition, plans were under way to build a road to the site, three miles long (see more US oil and gas background here and here).

“Field activity is progressing rapidly. The Greenland Government has approved the mobilization and the sealift landing of heavy equipment, including a D9 bulldozer, trucks, excavators, loaders, generators, and housing units,” the company reported on March 25, somewhat prematurely.

What Is This 80 Mile Of Which You Speak?

In the same press release, Greenland Energy also notes that it has “obtained the rights from 80 Mile and its subsidiary company, White Flame Energy A/S, to own up to 70% of three onshore licenses, which include over 2,000,000 acres covering the entire petroleum basin.”

And, that’s where the buck-passing begins. Take another look at that August 11 press release, where the company describes 80 Mile as “leading the permitting process” for the endeavor. Apparently Greenland Energy Company is not willing to take the fall for the debacle.

80 Mile is a UK firm (formerly Bluejay Mining plc) with rather ambitious plans, having recently pivoted into a biofuel venture in Italy with the expectation of “exposure to critical energy-transition commodities including natural hydrogen, helium, biofuels, sustainable aviation fuel (SAF), copper, nickel and PGM’s,” (PGMs is short for the platinum group of metals).

The hookup with Greenland Energy is not particularly consistent with the firm’s sudden interest in supporting the global energy transition. Nevertheless the firm does list James Basin among its areas of focus, describing “anomalous naturally occurring hydrogen, as well as working liquid-rich hydrocarbon reservoirs estimated to contain in excess of 2.4 to 8.1 billion barrels of oil equivalent in place.”

Either way, 80 Mile is a UK firm trading on the AIM (the former Alternative Investment Market) subset of the London Stock Exchange. In active trading as of this writing, the company’s shares fell 23.62% between 8:00 AM and 12:50 PM, landing at £0.48 GBX.

GBX is short for penny sterling. For the record, GBX converts to pound sterling at the rate of 100 to one, so 80 Mile has a long way to go.

The Government Of Greenland Says Not So Fast

As for the long hand of Trump, the President has made no secret of his addled dream of somehow annexing Greenland, if not by military force then by supporting US ventures there.

“An American oil company connected to Donald Trump is preparing to sink wells in remote Greenland despite not having received permission from the local authorities,” The Guardian reported on August 8, quickly taking note of the President’s aspirations.

“Larry Swets, Jr., believed to be close to President Trump, is chairman of the board at Greenland Energy,” further reported Tsvetana Paraskova for the news organization Oil Price on August 10.

Friends with Trump or not, the venture sure looks like yet another one of the gears with which Trump continues to grind away at Greenland. For all of the optimism expressed by Greenland Energy, Greenland is a tough nut to crack, oil-wise.

“Greenland abandoned new oil exploration in 2021 after decades of failed drilling, with analysts warning that its potentially vast resources remain difficult and expensive to develop,” Paraskova noted.

On its part, Greenland has put its foot down. Once the country’s Department of Business and Raw Materials caught wind of the shenanigans, it issued a cease and desist. “There will be a strong [ad] warning to the rightholder with a reprimand that all future logistical matters must be notified and approved by the raw materials authority – before they are carried out,” DBRM stated on July 30 in translation.

As for next steps, maybe the President should focus his attention on stopping the bleeding in Iran, where his misbegotten war has already claimed casualties among 600 US service members, with the “Department of War” admitting to 14 killed so far.

Just a suggestion! If you have any thoughts about that, drop a note in the discussion thread.

Photo (cropped): The self-declared Greenland Energy Company, reportedly with Trump connections in hand, is on track to fail (courtesy of US Department of Energy).