Pelican Acquisition Corp. (NASDAQ: PELI) announced that the leadership team behind the formation of Greenland Energy Company has entered into a strategic logistics agreement with Canadian maritime group Desgagnés to support cargo transportation for planned drilling operations in Greenland’s Jameson Land Basin. The agreement, coordinated with and approved by Royal Arctic Line, provides specialized ice-class vessels and Arctic beach-landing capabilities required to mobilize equipment and crews for the upcoming exploration campaign. The arrangement was executed by March GL Company, which along with Greenland Exploration Ltd. is set to merge with Pelican; upon completion of the business combination, the combined entity is expected to operate as Greenland Energy Company and list on Nasdaq under the ticker symbol “GLND.”
The Jameson Land Basin is a sedimentary basin in eastern Greenland that has attracted interest for its oil and gas potential. March GL Company has agreed to 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 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.
The strategic importance of this logistics agreement lies in the challenging Arctic environment, where specialized vessels and beach-landing capabilities are critical for transporting heavy drilling equipment and supplies. Desgagnés, a Canadian maritime group with experience in Arctic operations, will provide the necessary ice-class vessels to navigate the icy waters and deliver cargo to remote coastal sites. Royal Arctic Line, Greenland’s state-owned shipping company, has approved the logistics plan, ensuring compliance with local regulations and infrastructure.
The merger between Pelican Acquisition Corp., Greenland Exploration Ltd., and March GL Company is a pivotal step toward establishing a publicly traded entity focused on Greenland’s energy resources. Upon completion, the combined company, Greenland Energy Company, will seek to develop strategic positions in North American energy assets and deliver long-term shareholder value. For more information about the merger and the logistics agreement, visit the press release at https://nnw.fm/bWVbY.
Greenland Exploration Limited, based in Texas, focuses on developing strategic positions in North American energy assets. March GL Company, also a Texas corporation, is funding the exploration wells in Greenland. Pelican Acquisition Corp. is a blank check company formed for the purpose of effecting a merger or similar business combination. The latest news and updates relating to PELI are available in the company’s newsroom at http://nnw.fm/PELI.
