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.
