Greenland Energy Company issued a shareholder letter on September 29 responding to a critical report by Fugazi Research, defending its exploration strategy and approach to shareholder capital. The response was attached to an SEC Form 8-K.
Fugazi’s September 28 report questioned the company’s valuation, funding needs and drilling timetable, concluding that GLND was “uninvestable at any price above zero.”
The company disputes the report’s treatment of exploration spending, resource estimates and financing. It also reiterates that it has no production or proved reserves and has not yet drilled its first well. Its published resource estimates describe exploration potential, rather than confirmed oil reserves.
The letter emphasizes that permitting decisions rest with Greenland’s authorities and that the company must work through that process.
Executive Chairman Larry Swets reinforced that position in a post on X:
“Our job is simple: deploy shareholder capital effectively, earn permits the right way with Greenlanders, drill the well and report honestly what we find.”
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