Transcript (en)

is Arco, they had the licenses. Arco, they spent over $275 million doing seismic, seeing where the oil is trapped. They built an airport in a seaport, and due to macroeconomics at the time, they never drilled it. And we now own the entire basin, the 2 million acres. Okay, but I've never known these oil companies, certainly these big oil companies, to be particularly lackadaisical about that kind of a reservoir, why wouldn't they have drilled this? Yeah, at the time, they laid off people. The oil price was so low in Arctic conditions, it didn't make sense for them to actually pursue it to begin drilling wells. The math didn't work at the time because of the positioning, the conditions, the price of oil? All of the above, but I've made a career on getting land from major oil and gas companies, whether it's Texaco, Chevron, Amoco, BP, ConocoPhillips. The fact that they gave me the rights to drill it, they had their own internal budgets. And when you're a publicly traded company, they worry about what the earnings are. And so they go back when oil prices are low and they drill right next to the other wells. And the first thing to go are the frontier projects. We have the frontier projects. And one of the reasons we do is our partner has been mining titanium in Greenland for over a decade. They knew the regulations and they were able to swoop in and get the 2 million acres and they gave us the rights to drill. And you're the only one that has a right to go do this? Absolutely. The only one onshore rights. Yes.