PELI News & Events

The leadership team behind the formation of Greenland Energy Company announced the appointment of Ashiq Merchant as CFO of the post-merger company. Merchant joins the executive team at a pivotal moment as the company advances its proposed business combination with Pelican Acquisition Corporation. Upon the expected closing of the transaction following the March 17, 2026, Extraordinary General Meeting of Shareholders, the combined company will trade on the Nasdaq under the ticker symbol "GLND". In his role as CFO, Merchant will oversee all financial operations and reporting, capital markets activities, governance, regulatory compliance, capital allocation and strategy. He will play a critical role in executing the financial strategy required to unlock the potential of Jameson Land Basin and supporting value creation for shareholders.

Pelican Acquisition announced that the U.S. SEC has declared effective its registration statement on Form S-4 in connection with its proposed business combination with Greenland Exploration Limited and March GL Company. The combined company will operate as Greenland Energy Company and is expected to list on Nasdaq under the ticker symbol "GLND" upon closing.

Pelican Acquisition and Greenland Exploration, the leadership team behind the formation of Greenland Energy announced a strategic logistics agreement that had been entered with Desgagnes, a Canadian maritime group, to support the transportation of cargo for upcoming drilling operations in the Jameson Land Basin with coordination from and approval by Royal Arctic Line, Greenland's state-owned shipping company and the exclusive license holder for maritime transport to, from, and within Greenland. This agreement provides the specialized ice-class vessel and arctic beach landing capacity required to mobilize equipment and crews for the frontier project. Desgagnes' beach-landing services are designed to complement Royal Arctic Line's essential sealift services and operate within RAL's national logistics framework. This agreement was executed by March GL Company, the entity along with Greenland Exploration set to merge with Pelican Acquisition. Upon closing of the pending business combination, the resulting company - Greenland Energy Company - is expected to list on Nasdaq under the ticker symbol "GLND." The collaboration supports the launch of Greenland's first onshore oil exploration program in more than half a century. Headquartered in Quebec, Desgagnes operates a fleet of ice-class vessels across the Arctic.

Pelican Acquisition announced the signing of a definitive Agreement and Plan of Merger with Greenland Exploration and March GL Company. Upon the closing of the transaction, the combined company will operate under the name Greenland Energy Company and is expected to be listed on the NASDAQ Stock Market under the ticker symbol "GLND." The Jameson Land Basin in East Greenland has been the focus of extensive exploration and research for decades. ARCO, shortly after its discovery of the giant Prudhoe Bay oil field in Alaska, invested the equivalent of more than $275M in today's dollars to evaluate the Jameson Land Basin. Their work included detailed field mapping and sampling programs, as well as the acquisition of approximately 1,800 km of 2D seismic data. ARCO also constructed the Constable Point Airfield, which remains a key piece of infrastructure in the region. These early efforts indicated that the Jameson Land Basin has significant potential as a hydrocarbon basin. Internal ARCO reports and subsequent independent studies pointed to substantial oil potential, with recoverable resources estimated in the multi-billion-barrel range. Despite this, Jameson remained undrilled due to corporate and macroeconomic conditions of the time, leaving its prospectivity intact. March GL has now built on this foundation, reprocessing the legacy seismic data with modern technology. This work has identified over 50 distinct oil and gas targets, many with clear structural and stratigraphic trapping potential. Leveraging both the existing infrastructure and the historic investment by ARCO, March GL is positioned to accelerate drilling of the basin's first well and unlock its long-recognized potential. Field activity is progressing rapidly. The Greenland Government has approved the mobilization and the sealift landing of heavy equipment, including a D9 bulldozer, trucks, excavators, loaders, generators, and housing units. Once the equipment is offloaded, it will be ready to build a three mile road to the drilling site. March GL has signed agreements with Halliburton to support logistics planning and provide drilling services, and with a leading shipping company to mobilize a 3,500-meter-capable drilling rig. IPT Well Solutions has also been retained as project manager to provide additional oversight and technical support. Together, these preparations mark the decisive first step toward drilling in Jameson Land Basin-an opportunity that has stood for decades as one of the most compelling undrilled prospects in the Arctic. March GL Company has obtained the rights from 80 Mile and its subsidiary company, White Flame Energy A/S, to own up to 70% of three onshore licenses, which include over 2,000,000 acres covering the entire petroleum basin. Pelican will domesticate from the Cayman Islands to Texas prior to closing. The transaction will include a series of mergers whereby Pelican, Greenland, and March GL will each merge with subsidiaries of Pelican Holdco, a newly formed Texas corporation to be renamed Greenland Energy Company. Existing Greenland Exploration shareholders will receive an aggregate of 1,500,000 shares of Greenland Energy Company common stock. Existing March GL shareholders will receive an aggregate of 20,000,000 shares of Greenland Energy Company common stock. Pelican shareholders will receive one share of Greenland Energy Company common stock for each share of Pelican common stock they currently hold. The post-closing board of directors and executive management team of Greenland Energy Company will be led by Larry G Swets, Jr. as Executive Chairman and Robert Price as CEO, and will include representatives from Greenland Exploration, March GL, and Pelican.