Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company
Pelican Acquisition Corporation (NASDAQ: PELI) has announced a definitive merger agreement with Greenland Exploration Limited and March GL Company. The combined entity will be named Greenland Energy Company and trade under ticker GLND, with an implied valuation of $215 million for up to 70% ownership.
The merger focuses on developing the Jameson Land Basin in East Greenland, which has an estimated multi-billion-barrel oil potential. The project builds on ARCO's previous $275 million investment and includes over 50 distinct oil and gas targets. March GL has secured agreements with Halliburton for drilling services and has obtained rights to 2,000,000 acres covering the entire petroleum basin.
The transaction structure includes Pelican's domestication from Cayman Islands to Texas, with existing Greenland Exploration shareholders receiving 1.5 million shares and March GL shareholders receiving 20 million shares of the new company. Closing is expected in Q4 2025.
Pelican Acquisition Corporation (NASDAQ: PELI) ha annunciato un accordo di fusione vincolante con Greenland Exploration Limited e March GL Company. La società risultante si chiamerà Greenland Energy Company e sarà quotata con il ticker GLND, con una valutazione implicita di 215 milioni di dollari per una partecipazione fino al 70%.
La fusione mira a sviluppare il bacino di Jameson Land nella Groenlandia orientale, stimato con un potenziale petrolifero di miliardi di barili. Il progetto prosegue l'investimento precedente di ARCO di 275 milioni di dollari e comprende oltre 50 aree di interesse per petrolio e gas. March GL ha siglato accordi con Halliburton per i servizi di perforazione e ha ottenuto diritti su 2.000.000 di acri che coprono l'intero bacino petrolifero.
La struttura dell'operazione prevede la domiciliazione di Pelican dalle Isole Cayman in Texas; gli azionisti di Greenland Exploration riceveranno 1,5 milioni di azioni mentre quelli di March GL riceveranno 20 milioni di azioni della nuova società. La chiusura è prevista nel quarto trimestre 2025.
Pelican Acquisition Corporation (NASDAQ: PELI) ha anunciado un acuerdo definitivo de fusión con Greenland Exploration Limited y March GL Company. La entidad combinada se denominará Greenland Energy Company y cotizará con el símbolo GLND, con una valoración implícita de 215 millones de dólares por hasta el 70% de participación.
La fusión se centra en el desarrollo de la cuenca Jameson Land en el este de Groenlandia, con un potencial petrolero estimado en miles de millones de barriles. El proyecto continúa la inversión previa de ARCO de 275 millones de dólares e incluye más de 50 objetivos independientes de petróleo y gas. March GL ha asegurado acuerdos con Halliburton para servicios de perforación y ha obtenido derechos sobre 2.000.000 de acres que abarcan toda la cuenca petrolera.
La estructura de la transacción contempla la domiciliación de Pelican desde las Islas Caimán a Texas; los accionistas de Greenland Exploration recibirán 1,5 millones de acciones y los de March GL 20 millones de acciones de la nueva compañía. El cierre está previsto para el cuarto trimestre de 2025.
Pelican Acquisition Corporation (NASDAQ: PELI)는 Greenland Exploration Limited 및 March GL Company와 최종 합병 계약을 체결했다고 발표했습니다. 합병 후 회사명은 Greenland Energy Company이며 티커는 GLND로 거래될 예정이며, 최대 70% 지분에 대해 암묵적 가치가 2억1500만 달러로 평가됩니다.
이번 합병은 동부 그린란드의 제임슨 랜드 분지(Jameson Land Basin) 개발에 중점을 두며, 수십억 배럴 수준의 석유 잠재력을 보유한 것으로 추정됩니다. 이 프로젝트는 ARCO의 기존 2억7500만 달러 투자를 기반으로 하며, 50개 이상의 독립적인 석유·가스 타깃을 포함합니다. March GL은 시추 서비스 제공을 위해 Halliburton과 계약을 체결했으며, 전체 석유 분지를 포괄하는 2,000,000에이커의 권리를 확보했습니다.
거래 구조에는 펠리컨의 케이맨 제도 법인에서 텍사스로의 등록 이전(도미시리제이션)이 포함되며, Greenland Exploration 주주들은 150만 주, March GL 주주들은 2,000만 주의 신설회사 주식을 받게 됩니다. 거래 종료는 2025년 4분기로 예정되어 있습니다.
Pelican Acquisition Corporation (NASDAQ: PELI) a annoncé un accord de fusion définitif avec Greenland Exploration Limited et March GL Company. L'entité combinée prendra le nom de Greenland Energy Company et sera cotée sous le ticker GLND, avec une valorisation implicite de 215 millions de dollars pour jusqu'à 70 % de participation.
La fusion vise à développer le bassin de Jameson Land au Groenland oriental, estimé à un potentiel pétrolier de plusieurs milliards de barils. Le projet s'appuie sur le précédent investissement de 275 millions de dollars d'ARCO et comprend plus de 50 cibles distinctes d'hydrocarbures. March GL a conclu des accords avec Halliburton pour les services de forage et a obtenu des droits sur 2 000 000 d'acres couvrant l'ensemble du bassin pétrolier.
La structure de la transaction prévoit la domiciliation de Pelican des îles Caïmans au Texas ; les actionnaires de Greenland Exploration recevront 1,5 million d'actions et ceux de March GL 20 millions d'actions de la nouvelle société. La clôture est prévue au quatrième trimestre 2025.
Pelican Acquisition Corporation (NASDAQ: PELI) hat eine verbindliche Fusionsvereinbarung mit Greenland Exploration Limited und March GL Company bekanntgegeben. Das fusionierte Unternehmen wird Greenland Energy Company heißen und unter dem Ticker GLND gehandelt werden; die implizierte Bewertung beträgt 215 Mio. USD für bis zu 70% Beteiligung.
Der Zusammenschluss konzentriert sich auf die Erschließung des Jameson Land Basin in Ostgrönland, das über ein geschätztes Potenzial von mehreren Milliarden Barrel Öl verfügt. Das Projekt baut auf der vorherigen 275-Millionen-Dollar-Investition von ARCO auf und umfasst mehr als 50 eigenständige Öl- und Gasziele. March GL hat Vereinbarungen mit Halliburton für Bohrleistungen abgeschlossen und Rechte an 2.000.000 Acres erworben, die das gesamte Erdölbecken abdecken.
Die Transaktionsstruktur sieht die Domizilierung von Pelican von den Kaimaninseln nach Texas vor; die Aktionäre von Greenland Exploration erhalten 1,5 Millionen Aktien, die Aktionäre von March GL 20 Millionen Aktien des neuen Unternehmens. Der Abschluss wird für das vierte Quartal 2025 erwartet.
- Strategic merger creates first U.S. public company focused on Greenland's energy potential
- Access to potentially multi-billion-barrel oil resources in Jameson Land Basin
- Rights secured for 2,000,000 acres covering entire petroleum basin
- Leverages existing infrastructure and $275 million historical ARCO investment
- Government approval received for equipment mobilization and drilling preparations
- Partnership established with Halliburton for drilling services
- Basin remains undrilled with unproven reserves
- Significant capital requirements for Arctic exploration
- Environmental risks associated with Arctic drilling operations
- Potential shareholder dilution through share issuance structure
Insights
SPAC Pelican merges with Greenland Exploration to develop untapped basin with billion-barrel potential, combining $215M valuation with strategic infrastructure.
This merger represents a significant strategic play in frontier energy exploration. Pelican Acquisition Corporation's SPAC is combining with Greenland Exploration and March GL to create Greenland Energy Company, valued at
The deal's strategic value lies in both the resource potential and existing infrastructure advantages. March GL has leveraged ARCO's legacy data, reprocessing seismic information to identify over 50 distinct oil and gas targets. Critically, the Constable Point Airfield constructed by ARCO remains operational, providing immediate logistical support for exploration activities.
Field operations are already advancing rapidly. The Greenland Government has approved equipment mobilization, including heavy machinery for road construction to the drilling site. The venture has secured agreements with Halliburton for drilling services and logistics planning, and arrangements for a 3,500-meter-capable drilling rig. This operational momentum suggests serious intent to quickly transition from exploration to potential production.
From a geopolitical perspective, this venture represents American capital gaining access to a strategically valuable Arctic energy resource. The timing aligns with broader Western concerns about energy security and supply diversification. For Greenland, which has been seeking economic self-reliance, responsible resource development could provide significant domestic revenue without requiring independence from Denmark.
The transaction structure maintains equity incentives for all parties while creating public market access through NASDAQ. The leadership combination of Larry Swets as Executive Chairman and Robert Price as CEO brings together financial markets expertise and operational experience—essential for navigating both the technical challenges of Arctic exploration and the capital requirements of resource development.
- Ticker GLND Reserved (Pelican currently trades under PELI on NASDAQ)
$215 Million Implied Valuation for up to70% ownership.- Closing Expected 4th Quarter.
NEW YORK, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELI) (“Pelican”), a publicly listed special purpose acquisition company, today announced the signing of a definitive Agreement and Plan of Merger with Greenland Exploration Limited (“Greenland Exploration”) and March GL Company (“March GL”). 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
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.
"This transaction marks a watershed moment in bringing Greenland's vast energy potential to the global stage," said Larry G. Swets, Jr., Chief Executive Officer of Greenland Exploration. "We're excited to partner with Robert Price and his exceptional team at March GL, working alongside Greenland Exploration to establish the first U.S. public company focused on this critical opportunity. We believe that by uniting Greenland Exploration's proven resource portfolio with March GL's operational excellence and Pelican's capital markets expertise, Greenland Energy will be uniquely positioned to drive responsible growth, accelerate economic diversification in Greenland, and advance strategic priorities for the United States and our allied partners.”
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.
“Energy is fundamental to economic growth and national development, and responsible resource development in Greenland has the potential to unlock new domestic revenue streams that contribute to greater economic self-reliance,” said Robert Price at March GL. “We believe the Jameson basin is among the largest undrilled onshore basins of its kind, and our work with 80 Mile, conducted under Greenlandic regulatory oversight, represents an environmentally responsible and strategic step toward assessing that opportunity. By partnering with experienced technical consultants, globally recognized drilling contractors, and internationally respected logistics providers, we are committed to ensuring that the evaluation and potential development of Jameson is executed to the highest environmental and operational standards.”
March GL Company has obtained the rights from 80 Mile and its subsidiary company, White Flame Energy A/S, to own up to
“Our business combination with Greenland Energy represents a landmark opportunity to responsibly connect American capital with potentially one of the world's most resource-rich and geopolitically strategic regions,” said Robert Labbe, Chief Executive Officer of Pelican Acquisition Corporation. “This merger establishes a robust foundation for growth and creates a platform to responsibly unlock Greenland's vast potential while generating substantial value for all stakeholders—including Greenland itself and the investors backing this vision. We believe this transaction will drive enduring value creation while directly supporting critical U.S. objectives: energy security, economic diversification, and strategic independence. This transaction opens direct access to U.S. public markets, dramatically expanding our capacity to pursue potentially transformative energy projects that generate environmentally responsible sustainable benefits for both Greenland and America while strengthening Western energy security."
Transaction Highlights
- 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, Inc. (“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 (subject to redemptions).
Leadership and Governance
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 Chief Executive Officer, and will include representatives from Greenland Exploration, March GL, and Pelican.
Advisors
ThinkEquity LLC is serving as financial advisor to Greenland Exploration. EarlyBirdCapital, Inc. is serving as advisor to Pelican. Winston & Strawn LLP is acting as legal advisor to Greenland Exploration. Celine & Partners, PLLC is acting as legal advisor to Pelican. Haynes and Boone, LLP is acting as legal advisor to March GL.
About Greenland Exploration Limited
Greenland Exploration Limited is a Texas-based entity focused on developing strategic positions in North American energy assets. Through its partnerships and future acquisitions, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market.
About March GL Company
March GL Company, a privately-owned Texas Corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund
About Pelican Acquisition Corporation
Pelican Acquisition Corporation is a blank check 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. Pelican is not limited to any particular industry or geographic region in identifying prospective targets.
Additional Information and Where to Find It
Additional information about the transaction, including a copy of the merger agreement will be filed by Pelican in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”). The proposed transaction will be submitted to shareholders of Pelican for their consideration. Pelican intends to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which will include preliminary and definitive proxy statements to be distributed to Pelican’s shareholders in connection with Pelican’s solicitation of proxies for the vote by Pelican’s shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Greenland’s and March GL’s shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been filed and declared effective, a definitive proxy statement/prospectus and other relevant documents will be mailed to Greenland Exploration, March GL and Pelican shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Greenland Exploration, March GL and Pelican shareholders and other interested persons are advised to read, once available, the registration statement on Form S-4 and any amendments thereto and, once available, the registration statement on Form S-4, as well as other documents filed with the SEC by Pelican in connection with the proposed transaction, as these documents will contain important information about Greenland Exploration, March GL, Pelican and the proposed transaction. Shareholders may obtain a copy of the registration statement on Form S-4, once available, as well as other documents filed by Pelican with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to 1185 Avenue of the Americas, Suite 304, New York, New York 10036.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “plan,” “project,” “will,” “estimate,” “intend,” “expect,” “believe,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Greenland Exploration, March GL and Pelican.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Pelican or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Pelican’s management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Pelican may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon these statements.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Contact
Robert Labbe
Chief Executive Officer
Email: admin@pelicanacq.com
Tel: (212) 612-1400
FAQ
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