Greenland Energy Company (NASDAQ:GLND) shares fell 18.91% in Tuesday’s after-hours trading after the company provided an update on the permitting process and project planning for its Greenland project.

The stock closed Tuesday’s regular session down 9.87% at $2.01 before falling another 18.91% to $1.63 in after-hours trading.

Greenland Energy is an exploration-stage oil and gas company focused on exploring and developing hydrocarbon resources in Greenland, with its primary focus on the Jameson Land Basin in East Greenland.

Permit Timeline Extended

Greenland Energy said its joint venture partner, 80 Mile plc, which is leading the permitting process, received an update from the Government of Greenland indicating that the project’s complexity will require a more extensive and comprehensive review.

The partners are now working toward a targeted permit timeline for winter 2027.

The company said the revised timeline extends the anticipated permitting process.

Greenland Energy said it is reviewing the logistical modifications required as a result of the update and will provide shareholders with further information when practicable.

CEO Robert Price said the company remains committed to advancing its oil exploration program in accordance with Greenland’s regulatory process and authorities.

"Operating in the Arctic requires patience, flexibility and a long-term perspective," Price said.

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Longer Review Process

Greenland Energy said it views the additional review period as an opportunity to further strengthen project planning and optimize logistics and infrastructure requirements.

The company said it will use the additional time to refine its plans and deepen relationships with local communities, strategic partners and relevant authorities.

Greenland Energy is preparing for what it describes as the first modern onshore drilling campaign in the Jameson Land Basin, which covers approximately 2 million acres of licensed onshore area.

Price Action

The stock has a 52-week high of $23 and a 52-week low of $1.79.

GLND shares are down 79.92% over the past year.

Benzinga Edge Stock Rankings show negative rankings across the short-, medium- and long-term time frames.

Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.

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