Pelican Acquisition Corp. Pursues Greenland Energy Business Combination

Pelican Acquisition Corp. (NASDAQ: PELI) is pursuing a business combination with Greenland Exploration Limited and March GL Company that is expected to close on March 17, 2026, creating a publicly traded energy company named Greenland Energy Company. The proposed company will focus on exploration and development in Greenland's Jameson Land Basin, where March GL may earn up to a 70% interest in more than 2 million acres of onshore licenses. This transaction represents a significant move into one of the world's last major frontier exploration regions.

Historic exploration conducted by Atlantic Richfield collected approximately 1,800 kilometers of seismic data that 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, making this business combination strategically important for accessing these reserves.

Pelican Acquisition Corp. is a publicly traded special purpose acquisition 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. The company has entered into a proposed business combination with Greenland Exploration Limited and March GL Company that is expected to result in the creation of Greenland Energy Company, a publicly traded entity focused on the development of energy resources in Greenland. The latest news and updates relating to PELI are available in the company's newsroom at https://ibn.fm/PELI.

This announcement matters because it represents a major step toward developing Greenland's energy potential at a time when global energy security concerns are increasing. The Jameson Land Basin's estimated resource potential of over 13 billion barrels of recoverable oil could significantly impact global energy markets if exploration confirms these estimates. Furthermore, the transaction highlights the growing interest in Arctic resources despite environmental concerns and logistical challenges associated with operating in remote, sensitive environments.

The business combination's importance extends beyond the immediate transaction to broader implications for energy geopolitics and climate policy. As nations seek to diversify energy sources and reduce dependence on traditional suppliers, Greenland's resources could become increasingly valuable. However, development in the Arctic raises complex questions about environmental protection, indigenous rights, and sustainable resource management that will require careful consideration as projects advance.