Pelican Acquisition Corp. (NASDAQ: PELI) is positioning itself as a company to watch as it pursues a business combination with Greenland Exploration Limited and March GL Company, expected to close on March 17, 2026. The merger will create a publicly traded energy company named Greenland Energy Company, focused on exploration and development in Greenland's Jameson Land Basin.
March GL Company may earn up to a 70% interest in more than 2 million acres of onshore licenses in the basin. Historic exploration by Atlantic Richfield collected approximately 1,800 kilometers of seismic data, which has since been reprocessed using modern imaging technology. Early geological models suggest the basin could contain more than 13 billion barrels of recoverable oil if exploration results confirm the resource potential.
The Arctic region is estimated by the U.S. Geological Survey to contain approximately 13% of the world's undiscovered conventional oil resources and 30% of its undiscovered conventional natural gas resources. This positions Greenland Energy Company to tap into a significant global resource base.
Pelican Acquisition is a special purpose acquisition company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination. The proposed business combination with Greenland Exploration and March GL Company is expected to close on March 17, 2026, and result in a publicly traded entity focused on energy resource development in Greenland.
For the latest news and updates relating to PELI, visit the company's newsroom at https://ibn.fm/PELI.
This announcement underscores the growing interest in Arctic energy resources and the potential for significant oil and gas discoveries in Greenland. The creation of Greenland Energy Company could mark a pivotal moment for the region's energy sector, attracting further investment and exploration activities.
