Pelican Acquisition Corp. (NASDAQ: PELI) announced the successful completion of its business combination with Pelican Holdco Inc., Greenland Exploration Limited and March GL Company, forming Greenland Energy Company, which will begin trading on The Nasdaq Stock Market under the ticker (NASDAQ: GLND) on March 26, 2026. The combined company is advancing development of the Jameson Land Basin in East Greenland, where reprocessed seismic data has identified more than 50 oil and gas targets and independent estimates suggest up to 13 billion barrels of recoverable oil, as it prepares for initial drilling supported by established infrastructure, logistics partnerships and key service providers.
Greenland Exploration Limited, a Texas-based entity, focuses on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market. March GL Company, a privately-owned Texas Corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile’s subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager.
Pelican Acquisition Corporation was a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Pelican was not limited to any particular industry or geographic region in identifying prospective targets. The completion of this business combination marks a significant milestone, as Greenland Energy Company is now positioned to explore one of the world's last frontier basins with substantial resource potential.
The Jameson Land Basin has been the subject of renewed interest due to technological advancements in seismic imaging and Arctic drilling capabilities. The reprocessed seismic data revealing over 50 targets underscores the basin's prospectivity. Independent estimates of up to 13 billion barrels of recoverable oil highlight the scale of the opportunity, which could significantly impact global energy markets if successfully developed. The company's preparation for initial drilling, backed by established infrastructure and key service providers, indicates a methodical approach to de-risking the asset.
Investors can find more information on the company's website at www.MarchGL.com. The latest news and updates relating to PELI are available in the company’s newsroom at http://ibn.fm/PELI. For additional details on the business combination and forward-looking statements, refer to the full press release at https://ibn.fm/GhN28.
