Pelican Acquisition Corporation merges with Greenland Exploration Limited, Pelican Holdco Inc., March GL Company

Pelican Acquisition Corporation's merger with Greenland Exploration Limited and March GL Company creates a publicly traded energy entity focused on developing Greenland’s natural resources, particularly the Jameson Land Basin in East Greenland. This move addresses Pelican’s strategic objective to leverage U.S. capital for responsible energy development in underexplored regions. The combined company, now known as Greenland Energy Company (GLND), acquires rights to 70% of three onshore licenses covering over 2 million acres and benefits from an independent engineering report indicating potential recoverable oil reserves of 13 billion barrels. Transactionally, the deal values Greenland Exploration at $215 million. Pelican shareholders receive one share of GLND for each share held post-redemptions, while existing Greenland Exploration and March GL shareholders get shares based on their stakes in their respective entities. The merged entity will list on NASDAQ under the ticker "GLND." This combination significantly reshapes Arctic energy dynamics by positioning Greenland Energy as a leading developer with substantial upside potential. It enhances competition among global oil majors looking to secure new reserves, potentially drawing more investment into Greenland’s untapped basins. Simultaneously, the deal underscores shifting geopolitical priorities towards securing stable and sustainable energy supplies. Post-close risks include meeting NASDAQ listing standards, managing operational disruptions, and navigating regulatory hurdles in Greenland. Geological uncertainties and commodity price volatility also pose challenges. However, Greenland Energy's disciplined approach, coupled with strategic partnerships like those with Halliburton for drilling services and Desgagnés for logistics support, positions it well to mitigate these risks and unlock long-term value through responsible resource development.