The Company has a small shareholding in the English registered company Greenland Gas and Oil Plc (“GGO”), which is an early stage oil and gas exploration company focused on acquiring oil and gas exploration assets in Greenland. The Company considers this to be a passive investment.

Greenland Gas and Oil Plc (GGO) is an early-stage oil and gas exploration company focused on acquiring exploration assets in Greenland. This English-registered company aims to capitalize on Greenland’s substantial hydrocarbon potential, particularly in light of the 2008 US Geological Survey report, which estimated significant reserves of oil and gas in the region. Despite the promising potential, GGO’s activities are limited by Greenland’s recent decision to halt the issuance of new oil and gas exploration licenses due to environmental concerns (Offshore Technology) (S&P Global).

Greenland’s government has emphasized the importance of balancing economic activities with environmental and climate considerations. This decision reflects the broader global shift towards sustainable and environmentally conscious energy practices. The moratorium on new licenses has not completely halted ongoing projects, but it has significantly impacted the scope of future oil and gas exploration activities in the region (Offshore Technology) (Mondaq).