Pelican Acquisition enters merger agreement with Greenland Exploration, March GL

Pelican Acquisition (PELI) announced the signing of a definitive Agreement and Plan of Merger with Greenland Exploration and March GL Company. Upon the closing of the transaction, the combined company will operate under the name Greenland Energy Company and is expected to be listed on the NASDAQ Stock Market under the ticker symbol “GLND.” The Jameson Land Basin in East Greenland has been the focus of extensive exploration and research for decades. ARCO, shortly after its discovery of the giant Prudhoe Bay oil field in Alaska, invested the equivalent of more than $275M in today’s dollars to evaluate the Jameson Land Basin. Their work included detailed field mapping and sampling programs, as well as the acquisition of approximately 1,800 km of 2D seismic data. ARCO also constructed the Constable Point Airfield, which remains a key piece of infrastructure in the region. These early efforts indicated that the Jameson Land Basin has significant potential as a hydrocarbon basin. Internal ARCO reports and subsequent independent studies pointed to substantial oil potential, with recoverable resources estimated in the multi-billion-barrel range. Despite this, Jameson remained undrilled due to corporate and macroeconomic conditions of the time, leaving its prospectivity intact. March GL has now built on this foundation, reprocessing the legacy seismic data with modern technology. This work has identified over 50 distinct oil and gas targets, many with clear structural and stratigraphic trapping potential. Leveraging both the existing infrastructure and the historic investment by ARCO, March GL is positioned to accelerate drilling of the basin’s first well and unlock its long-recognized potential. Field activity is progressing rapidly. The Greenland Government has approved the mobilization and the sealift landing of heavy equipment, including a D9 bulldozer, trucks, excavators, loaders, generators, and housing units. Once the equipment is offloaded, it will be ready to build a three mile road to the drilling site. March GL has signed agreements with Halliburton to support logistics planning and provide drilling services, and with a leading shipping company to mobilize a 3,500-meter-capable drilling rig. IPT Well Solutions has also been retained as project manager to provide additional oversight and technical support. Together, these preparations mark the decisive first step toward drilling in Jameson Land Basin-an opportunity that has stood for decades as one of the most compelling undrilled prospects in the Arctic. March GL Company has obtained the rights from 80 Mile and its subsidiary company, White Flame Energy A/S, to own up to 70% of three onshore licenses, which include over 2,000,000 acres covering the entire petroleum basin. Pelican will domesticate from the Cayman Islands to Texas prior to closing. The transaction will include a series of mergers whereby Pelican, Greenland, and March GL will each merge with subsidiaries of Pelican Holdco, a newly formed Texas corporation to be renamed Greenland Energy Company. Existing Greenland Exploration shareholders will receive an aggregate of 1,500,000 shares of Greenland Energy Company common stock. Existing March GL shareholders will receive an aggregate of 20,000,000 shares of Greenland Energy Company common stock. Pelican shareholders will receive one share of Greenland Energy Company common stock for each share of Pelican common stock they currently hold. The post-closing board of directors and executive management team of Greenland Energy Company will be led by Larry G Swets, Jr. as Executive Chairman and Robert Price as CEO, and will include representatives from Greenland Exploration, March GL, and Pelican.