Pelican Acquisition Corp. (NASDAQ: PELI) has completed its business combination with Pelican Holdco Inc., Greenland Exploration Limited and March GL Company, forming Greenland Energy Company. The combined company will begin trading on The Nasdaq Stock Market under the ticker GLND on March 26, 2026. This transaction marks a significant milestone in the development of Greenland's energy resources, particularly the Jameson Land Basin in East Greenland.
The Jameson Land Basin represents one of the most promising energy exploration opportunities in the Arctic region. Reprocessed seismic data has identified more than 50 oil and gas targets in the basin, with independent estimates suggesting up to 13 billion barrels of recoverable oil. This substantial resource potential positions Greenland Energy Company as a significant player in global energy markets, particularly as traditional oil-producing regions face depletion and geopolitical challenges.
March GL Company, a privately-owned Texas Corporation, has entered into a critical agreement with 80 Mile for drilling operations at the Jameson oil and gas basin. Under this arrangement, March GL will fund 100% of the costs associated with up to two exploration wells 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 and will be appointed as the Field Operations Manager. More information about March GL Company's operations is available on its website https://www.MarchGL.com.
The transition to public trading provides Greenland Energy Company with enhanced access to capital markets, which will be crucial for funding the substantial infrastructure and logistical requirements of Arctic exploration. The company is preparing for initial drilling supported by established infrastructure, logistics partnerships and key service providers. This development comes at a time when global energy markets are increasingly looking toward new frontiers as traditional reserves become more challenging to access.
For investors and industry observers, the latest news and updates relating to the company are available in the company's newsroom at http://ibn.fm/PELI. The business combination represents a strategic move to capitalize on Greenland's untapped energy resources while providing public market investors with exposure to Arctic energy development. As climate change opens new shipping routes and makes Arctic resources more accessible, Greenland's strategic importance in global energy markets is likely to increase significantly.
The successful completion of this business combination demonstrates growing investor confidence in Arctic energy projects despite the technical and environmental challenges associated with such operations. Greenland Energy Company's development timeline and resource estimates will be closely watched by energy analysts, environmental groups, and policymakers concerned about Arctic development. The company's progress could influence future investment in similar projects across the Arctic region, potentially reshaping global energy supply chains in the coming decades.
