Pelican Acquisition Corp. (NASDAQ: PELI) is moving forward with a merger that will create Greenland Energy Company, which plans to drill the first modern exploration wells in Greenland’s remote Jameson Land basin — a frontier petroleum system that some geologists believe could contain more than 13 billion barrels of recoverable oil. According to a report by OilPrice.com’s Tom Kool, 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 March 17 and the entity begins trading 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.
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.
The significance of this project extends beyond potential resource development. The Jameson Land basin, if proven viable, could reshape global energy dynamics by adding a major new source of oil from a geopolitically stable region. The merger and drilling plan also highlight the growing interest in Arctic resources as traditional reserves decline and demand remains robust. Investors should note that the latest news and updates relating to PELI are available in the company’s newsroom at http://ibn.fm/PELI. For more information on the companies involved, visit 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 full article on OilPrice.com can be viewed at https://ibn.fm/EPqQT.
