Greenland Energy Company (NASDAQ: GLND) Announces Haliburton Agreement and Updates Progress on 2026 Greenland Exploration Program
Rhea-AI Summary
Greenland Energy (NASDAQ: GLND) provided a mid‑2026 update after its recent Nasdaq listing and business combination. The company raised about $70 million in gross proceeds to fund its East Greenland Jameson Land Basin exploration program.
Key steps include multi‑year drilling and services agreements, operational mobilization, and targeting first onshore wells in October 2026 to earn up to a 70% working interest in the license area, in a basin with cited gross un‑risked prospective resources of ~13.0 billion barrels.
Positive
- Public offering raised approximately $70 million in gross proceeds for exploration
- Five‑year drilling agreement secured with Stampede Drilling for Arctic‑capable Rig #12
- Integrated consulting and drilling services agreement signed with Halliburton (NYSE: HAL)
- Operational approvals obtained for mobilizing heavy equipment and field infrastructure in East Greenland
- First two onshore exploration wells (OPW‑1, OPW‑6) targeted for October 2026
- Potential to earn up to a 70% working interest in the license area upon successful wells
Negative
- None.
News Market Reaction – HAL
In the Jun 9 session, HAL declined 2.17%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Dividend declaration | Positive | -1.2% | Announced Q2 2026 dividend of $0.17 per share with June 24 payment date. |
| Apr 21 | Earnings results | Positive | +4.0% | Reported Q1 2026 profit of $461M on $5.4B revenue with ~13% margin. |
| Apr 13 | Major contract win | Positive | +2.7% | Won multibillion-dollar unconventional completions contract with YPF in Argentina. |
| Apr 6 | Strategic collaboration | Positive | -0.9% | Entered collaboration with PETRONAS Suriname and Valaris for asset development. |
| Apr 1 | Technology acquisition | Positive | -2.5% | Acquired Sekal AS to enhance drilling automation via DrillTronics integration. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent HAL news skewed positive (dividend, earnings beat metrics, contracts, acquisition), but price reactions have been mixed, with several positive catalysts followed by short-term declines. Partnership and contract wins sometimes aligned with gains, yet other strategic moves saw near-term selling, suggesting investors do not consistently reward good news immediately.
Over the last few months, Halliburton reported Q1 2026 results with net income of $461 million on $5.4 billion revenue and about 13% operating margin, alongside stock repurchases of roughly $100 million. It announced a regular quarterly dividend of $0.17 per share for payment on June 24, 2026. Strategically, HAL acquired Sekal AS to bolster drilling automation and secured a multibillion-dollar unconventional completions contract with YPF, plus a collaboration with PETRONAS Suriname, underscoring a focus on technology-driven international growth. Today’s Greenland services agreement fits this pattern of global project wins.
Key Terms
working interest financial
onshore technical
gross un-risked prospective oil resources technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Dear Valued Shareholders,
As we reach the midpoint of 2026, I am pleased to provide an update on our progress over the past six months. Since completing our business combination and commencing trading on NASDAQ in late March 2026, we have made progress towards the goal of positioning the Company as a leader in frontier oil exploration in
Key Accomplishments (March–May 2026)
- Successful NASDAQ Listing and Capital Raise: We completed our business combination with Pelican Acquisition Corporation and related entities, transitioning to public trading under the ticker: GLND. Shortly thereafter, we closed a public offering that raised approximately
$70 million - Strategic Partnerships for Execution: We secured key agreements with industry leaders:
- A five-year drilling agreement with Stampede Drilling for Rig #12, a rig equipped for Arctic conditions, to support our 2026 campaign.
- An agreement with Halliburton (NYSE: HAL) for integrated consulting, logistics, and comprehensive well and drilling services.
- Collaboration with IPT Well Solutions and other service providers to support our drilling and completion activities.
- Operational Mobilization: We advanced field readiness in
East Greenland , including approvals for mobilizing heavy equipment (bulldozers, trucks, excavators, generators, and housing). We also progressed procurement, infrastructure planning, and logistics for our onshore program. - Enhanced Visibility and Strategy: We rang the Nasdaq Opening Bell in early April, highlighting our Arctic opportunity. We released an updated investor presentation detailing our strategy, partnerships, and potential.
These steps have strengthened our foundation as an early-stage oil and gas exploration company focused on responsibly exploring the Jameson Land Basin's hydrocarbon potential.
Future Milestones and Outlook
Looking ahead, we remain focused on executing our exploration program. Key upcoming milestones include:
- Meeting with the community in Ittoqqortoormiit as part of the process of community engagement and feedback this week
- Procurement and Field Readiness: Continued advancement of casing, tubing, mill capacity for long-lead materials, road/pad construction planning, and equipment mobilization throughout 2026.
- Drilling Campaign: Targeting the commencement of our first modern onshore drilling operations in the October 2026 window, beginning with the OPW-1 and OPW-6 exploration wells (approximately 3,500 meters each). Successful completion of these wells would allow us to earn up to a
70% working interest in the license area. - Resource Potential: We are targeting multiple large structures in a basin with independent estimates of up to ~13.0 billion barrels of gross un-risked prospective oil resources, supported by historical seismic data and over
$275 million
Our team is focused on disciplined capital allocation, environmental stewardship, and seeking to create long-term shareholder value through responsible resource exploration in a strategically important region. appreciate your continued support and confidence in Greenland Energy Company. We look forward to sharing further updates as we progress toward our drilling objectives.
Sincerely,
Robert Price
Chief Executive Officer
About Greenland Energy Company
Greenland Energy Company is an exploration-stage oil and gas company focused on responsibly exploring and seeking to develop Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin in East Greenland. The Company's primary mission is to unlock the frontier hydrocarbon potential of the Jameson Land Basin, an approximately 2-million-acre onshore licensed area, through the application of modern exploration technologies. The Company is preparing to execute the first modern onshore drilling campaign in the region, currently planned for 2026.
For more information, please visit www.GreenlandEnergyCo.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of present or historical fact, including statements regarding Greenland Energy Company's future financial performance, business strategy, operations, financial position, projected costs, prospects, plans, management objectives, expected benefits of the Company's recent business combination, exploration plans, drilling activities, timing, capital needs, financing plans, regulatory approvals, prospective resources, earn-in rights, license matters, strategic partnerships, field-readiness activities, infrastructure mobilization and planned OPW-1 and OPW-6 activities, are forward-looking statements.
Forward-looking statements are generally identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "potential," "predict," "target" or similar expressions, although not all forward-looking statements contain such identifying words. These statements are based on management's current expectations, assumptions and beliefs, are not guarantees of future performance and involve risks and uncertainties, many of which are difficult to predict and beyond the Company's control, that could cause actual results to differ materially.
Factors that could cause actual results to differ materially include, among others, exploration and geological risks, including the Company's development-stage status, limited operating history, lack of revenues or proved reserves, uncertainty in prospective resource estimates, limited seismic data, geological complexity, lack of prior commercial discovery in the basin and high-cost frontier exploration; operational and environmental risks, including remote Arctic operations, extreme weather, limited infrastructure, seasonal access windows, drilling hazards, environmental releases, climate change scrutiny and reliance on third-party contractors; regulatory and political risks, including drilling restrictions, grandfathered license limitations, permitting requirements, geopolitical developments and potential forfeiture of working-interest rights if drilling milestones are not met; and financial and capital risks, including significant capital needs, commodity price volatility, long development timelines, going-concern uncertainty, energy transition risks, public company compliance costs, Nasdaq listing requirements and trading-price volatility. Investors should review the Company's SEC filings, including its Proxy Statement/Prospectus dated February 18, 2026, its most recent Form 10-Q and subsequent filings, for a more complete discussion of risks and uncertainties.
This press release includes references to prospective resources, exploration targets, operational milestones, timing expectations, industry data and other estimates and assumptions, including references to prospective recoverable resources, exploration prospects and planned OPW-1 and OPW-6 activities. Prospective resources are inherently uncertain, have not been confirmed by drilling, do not constitute proved reserves and are not a guarantee of commercial discovery, production, revenue, cash flow or economic return. Industry and third-party data are provided for informational purposes only, and no representation is made as to their accuracy or completeness.
To the extent this press release includes non-GAAP financial measures or financial, operating or technical metrics, such measures are provided for supplemental informational purposes only and should not be considered in isolation from, or as a substitute for, GAAP financial information or the relevant definitions, assumptions and limitations.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy or a recommendation to purchase or sell any securities. Any securities offering, if made, will be made only pursuant to definitive offering documents and applicable securities laws. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
CONTACT: contact@greenlandenergyco.com
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SOURCE Greenland Energy Company