Pelican Acquisition Corp. (NASDAQ: PELI) is advancing a merger that will create Greenland Energy Company, a new entity focused on drilling the first modern exploration wells in Greenland's remote Jameson Land basin. According to a report by OilPrice.com's Tom Kool, the basin is a frontier petroleum system that some geologists believe could contain more than 13 billion barrels of recoverable oil. The project brings together Texas-based explorer March GL, Greenland Exploration Ltd., and Pelican Acquisition Corp., with veteran oil executive Robert Price expected to lead the combined company once the transaction closes on March 17. The new entity will trade under the ticker GLND.
The planned drilling campaign will target structures identified through roughly 1,800 kilometers of seismic data originally collected by Atlantic Richfield in the 1980s and recently reinterpreted using modern imaging technology. If successful, the wells could confirm one of the largest undeveloped petroleum systems in the Arctic, potentially positioning Greenland as a new strategic energy frontier amid growing geopolitical competition and renewed interest in Arctic resources. The full article is available at https://ibn.fm/EPqQT.
Greenland Exploration Limited is a Texas-based entity focused 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. More information is available at the company’s website at www.MarchGL.com.
Pelican Acquisition Corporation is 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 is not limited to any particular industry or geographic region in identifying prospective targets. The latest news and updates relating to PELI are available in the company’s newsroom at https://ibn.fm/PELI.
This announcement is significant as it marks a major step toward exploring one of the world's last major undeveloped oil frontiers. The Jameson Land basin, if confirmed to hold the estimated 13 billion barrels, could reshape global energy supply dynamics and increase geopolitical interest in the Arctic region. However, the venture faces substantial technical, environmental, and regulatory challenges, and forward-looking statements in the press release caution that actual results may differ materially from projections. Investors are advised to review the company's SEC filings for a full discussion of risks.
