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. The combined entity will begin trading on The Nasdaq Stock Market under the ticker (NASDAQ: GLND) on March 26, 2026, marking a significant milestone in the development of energy resources in East Greenland.
The newly formed Greenland Energy Company is advancing development of the Jameson Land Basin, where reprocessed seismic data has identified more than 50 oil and gas targets. Independent estimates suggest the basin could hold up to 13 billion barrels of recoverable oil, positioning it as a potentially major energy asset. The company is preparing for initial drilling, supported by established infrastructure, logistics partnerships and key service providers. This combination brings together the expertise and resources of the three entities to accelerate exploration and development activities.
Greenland Exploration Limited, a Texas-based entity, focuses on developing strategic positions in North American energy assets. Through its partnerships, including the newly formed Greenland Energy Company, it aims to deliver long-term shareholder value in a dynamic energy market. More information is available on its LinkedIn page.
March GL Company, a privately-owned Texas Corporation, has entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin. March GL will fund 100% of the costs for up to two exploration wells designed to delineate the sedimentary structure and energy potential of the basin. In return, March GL will earn through 80 Mile’s subsidiary company up to a 70% interest in the entire basin and will be appointed as the Field Operations Manager. Additional details can be found on its website at www.MarchGL.com.
Pelican Acquisition Corporation, a blank check company, was formed for the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination. The company was not limited to any particular industry or geographic region in identifying prospective targets. The successful completion of this business combination represents a strategic move into the energy sector, leveraging the significant potential of the Jameson Land Basin.
The transaction underscores the growing interest in Greenland's energy resources and the potential for substantial oil discoveries. With initial drilling preparations underway and strong support from infrastructure and service providers, Greenland Energy Company is poised to explore one of the world's last frontier basins. Investors can find the latest news and updates relating to PELI in the company’s newsroom at http://ibn.fm/PELI.
