Pelican Acquisition Corporation Enters Non-Binding Letter of Intent with Greenland Exploration Limited for Potential Business Combination
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 23 2025
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Should l Buy PELI?
Source: NASDAQ.COM
Pelican Acquisition Corporation's LOI: Pelican Acquisition Corporation has signed a non-binding letter of intent with Greenland Exploration Limited to explore a potential business combination, focusing on energy assets in the Jameson Land Basin in Greenland, where significant oil reserves exist.
Transaction Details and Next Steps: The proposed deal includes a share-for-share exchange that could result in Pelican acquiring 100% of Greenland Exploration's equity, with a 30-day exclusive negotiation period for finalizing the agreement, subject to due diligence and board approvals.
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About PELI
Pelican Acquisition Corp is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company has conducted no operations and has generated no revenues.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Greenland Energy to Trade Under New Symbol GLND on NASDAQ
- Successful Business Combination: Pelican Acquisition Corporation has successfully completed its business combination with Greenland Exploration Limited and March GL Company, marking the official establishment of Greenland Energy Company, which is expected to enhance global energy security.
- Significant Resource Potential: An independent engineering report indicates that the Jameson Land Basin has an estimated recoverable oil potential of 13 billion barrels, covering over 2 million acres, highlighting the region's importance and potential in energy development.
- Accelerated Infrastructure Development: The Greenland government has approved the mobilization of heavy equipment, including a D9 bulldozer and excavators, which will facilitate the construction of a three-mile road to the drilling site, further expediting resource development.
- Strategic Partnerships: Greenland Energy has signed agreements with Halliburton for logistics planning and drilling services, marking a significant step in unlocking the untapped energy potential of the Arctic.
See More
PELICAN FORGES INTERNATIONAL ALLIANCE WITH FAMED EXPLORER AND PHOTOGRAPHER CHRIS BURKARD
Partnership Announcement: Pelican has announced a global partnership with renowned explorer and photographer Chris Burkard.
Focus on Exploration: The collaboration aims to promote exploration and adventure through Burkard's unique photography and storytelling.
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Pelican Acquisition Announces Effective SEC Registration for Greenland Energy Merger
- Registration Statement Effective: The SEC has declared Pelican's registration statement effective for its merger with Greenland Exploration and March GL, marking a significant milestone in the merger process expected to close in Q1 2026, enhancing the company's position in global energy security.
- Shareholder Meeting Scheduled: Pelican will hold a virtual special meeting on March 17, 2026, to vote on the merger proposal, with shareholders required to register by February 19, ensuring smooth proceedings and increased shareholder engagement.
- New Company Formation: The merger will create Greenland Energy Company, focusing on the development of Greenland's energy resources, expected to generate long-term value for shareholders and promote sustainability, aligning with global energy diversification trends.
- Strategic Exploration Partnership: March GL will manage exploration at the Jameson oil and gas basin, planning to fund 100% of the costs to unlock the region's energy potential, which is anticipated to provide significant competitive advantages for the company.
See More
Greenland Energy Company Forms Strategic Logistics Agreement with Desgagnés
- Strategic Logistics Agreement: Greenland Energy Company has entered into a strategic logistics agreement with Canadian firm Desgagnés to support upcoming drilling operations in the Jameson Land Basin, ensuring efficient and safe transportation of cargo for one of the industry's most anticipated frontier projects.
- Ice-Class Vessel Capability: This agreement provides specialized ice-class vessels and arctic beach landing capacity, effectively mobilizing equipment and crews, marking a pivotal step for the company in unlocking a basin with significant oil resource potential.
- Enhanced Supply Chain Resilience: Collaboration with Royal Arctic Line ensures alignment with Greenland's logistics framework, enhancing overall supply chain resilience, enabling the company to execute its 2026 drilling campaign and fully capitalize on the basin's world-class potential.
- Historic Oil Exploration: This partnership supports Greenland's first onshore oil exploration program in over half a century, demonstrating the company's commitment to rapidly de-risking the project both geologically and operationally while emphasizing responsible development in sensitive environments.
See More
Trump Threatens Up to 25% Tariffs on Eight European Countries
- Tariff Threat Escalation: Trump announced a 10% tariff on eight countries including Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, effective February 1, rising to 25% on June 1, which could significantly impact their economies.
- Military Deployment Tensions: Trump highlighted the unclear military purposes of these countries in Greenland, labeling the situation as a threat to global safety, indicating the U.S.'s strong interest in Arctic sovereignty and potentially straining international relations.
- Transaction Conditions Set: Trump stated that tariffs will remain until a 'complete and total purchase' deal for Greenland is reached, which could complicate diplomatic relations with traditional U.S. allies and increase negotiation complexities.
- Market Reaction Potential: This tariff policy may affect resource companies linked to Greenland, such as Critical Metals, prompting investors to monitor stock price fluctuations and potential opportunities in rare earth resource development.
See More
March GL Plans $60 Million Investment for Oil Exploration in Greenland
- Resource Potential: U.S. government studies suggest that the Arctic could hold up to 90 billion barrels of oil and nearly 1,700 trillion cubic feet of natural gas, which, if successfully developed, could have a profound impact on the global energy market.
- Strategic Investment Plan: March GL plans to raise hundreds of millions through an upcoming SPAC merger, with drilling of the first well at Jameson Land set for 2026, budgeting $40 million for the first well and approximately $20 million for the second, demonstrating confidence in future oil and gas markets.
- Geopolitical Implications: As the U.S. seeks to reduce dependence on Russian oil, the development of Greenland's oil resources could inject new supply into U.S. and European markets, potentially altering the current energy landscape.
- Operational Challenges: Due to Greenland's harsh climate, March GL faces delays in transporting equipment, with plans to begin road construction to drilling sites only after thawing in spring, reflecting the complexities of operating in the region.
See More
Greenland Energy to Trade Under New Symbol GLND on NASDAQ
- Successful Business Combination: Pelican Acquisition Corporation has successfully completed its business combination with Greenland Exploration Limited and March GL Company, marking the official establishment of Greenland Energy Company, which is expected to enhance global energy security.
- Significant Resource Potential: An independent engineering report indicates that the Jameson Land Basin has an estimated recoverable oil potential of 13 billion barrels, covering over 2 million acres, highlighting the region's importance and potential in energy development.
- Accelerated Infrastructure Development: The Greenland government has approved the mobilization of heavy equipment, including a D9 bulldozer and excavators, which will facilitate the construction of a three-mile road to the drilling site, further expediting resource development.
- Strategic Partnerships: Greenland Energy has signed agreements with Halliburton for logistics planning and drilling services, marking a significant step in unlocking the untapped energy potential of the Arctic.
See More
PELICAN FORGES INTERNATIONAL ALLIANCE WITH FAMED EXPLORER AND PHOTOGRAPHER CHRIS BURKARD
Partnership Announcement: Pelican has announced a global partnership with renowned explorer and photographer Chris Burkard.
Focus on Exploration: The collaboration aims to promote exploration and adventure through Burkard's unique photography and storytelling.
See More
Pelican Acquisition Announces Effective SEC Registration for Greenland Energy Merger
- Registration Statement Effective: The SEC has declared Pelican's registration statement effective for its merger with Greenland Exploration and March GL, marking a significant milestone in the merger process expected to close in Q1 2026, enhancing the company's position in global energy security.
- Shareholder Meeting Scheduled: Pelican will hold a virtual special meeting on March 17, 2026, to vote on the merger proposal, with shareholders required to register by February 19, ensuring smooth proceedings and increased shareholder engagement.
- New Company Formation: The merger will create Greenland Energy Company, focusing on the development of Greenland's energy resources, expected to generate long-term value for shareholders and promote sustainability, aligning with global energy diversification trends.
- Strategic Exploration Partnership: March GL will manage exploration at the Jameson oil and gas basin, planning to fund 100% of the costs to unlock the region's energy potential, which is anticipated to provide significant competitive advantages for the company.
See More
Greenland Energy Company Forms Strategic Logistics Agreement with Desgagnés
- Strategic Logistics Agreement: Greenland Energy Company has entered into a strategic logistics agreement with Canadian firm Desgagnés to support upcoming drilling operations in the Jameson Land Basin, ensuring efficient and safe transportation of cargo for one of the industry's most anticipated frontier projects.
- Ice-Class Vessel Capability: This agreement provides specialized ice-class vessels and arctic beach landing capacity, effectively mobilizing equipment and crews, marking a pivotal step for the company in unlocking a basin with significant oil resource potential.
- Enhanced Supply Chain Resilience: Collaboration with Royal Arctic Line ensures alignment with Greenland's logistics framework, enhancing overall supply chain resilience, enabling the company to execute its 2026 drilling campaign and fully capitalize on the basin's world-class potential.
- Historic Oil Exploration: This partnership supports Greenland's first onshore oil exploration program in over half a century, demonstrating the company's commitment to rapidly de-risking the project both geologically and operationally while emphasizing responsible development in sensitive environments.
See More
Trump Threatens Up to 25% Tariffs on Eight European Countries
- Tariff Threat Escalation: Trump announced a 10% tariff on eight countries including Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, effective February 1, rising to 25% on June 1, which could significantly impact their economies.
- Military Deployment Tensions: Trump highlighted the unclear military purposes of these countries in Greenland, labeling the situation as a threat to global safety, indicating the U.S.'s strong interest in Arctic sovereignty and potentially straining international relations.
- Transaction Conditions Set: Trump stated that tariffs will remain until a 'complete and total purchase' deal for Greenland is reached, which could complicate diplomatic relations with traditional U.S. allies and increase negotiation complexities.
- Market Reaction Potential: This tariff policy may affect resource companies linked to Greenland, such as Critical Metals, prompting investors to monitor stock price fluctuations and potential opportunities in rare earth resource development.
See More
March GL Plans $60 Million Investment for Oil Exploration in Greenland
- Resource Potential: U.S. government studies suggest that the Arctic could hold up to 90 billion barrels of oil and nearly 1,700 trillion cubic feet of natural gas, which, if successfully developed, could have a profound impact on the global energy market.
- Strategic Investment Plan: March GL plans to raise hundreds of millions through an upcoming SPAC merger, with drilling of the first well at Jameson Land set for 2026, budgeting $40 million for the first well and approximately $20 million for the second, demonstrating confidence in future oil and gas markets.
- Geopolitical Implications: As the U.S. seeks to reduce dependence on Russian oil, the development of Greenland's oil resources could inject new supply into U.S. and European markets, potentially altering the current energy landscape.
- Operational Challenges: Due to Greenland's harsh climate, March GL faces delays in transporting equipment, with plans to begin road construction to drilling sites only after thawing in spring, reflecting the complexities of operating in the region.
See More
