Pelican Acquisition Corporation Signs Letter of Intent to Acquire Greenland Exploration Limited
Pelican Acquisition Corporation (NASDAQ: PELI) has signed a non-binding letter of intent to acquire Greenland Exploration Limited (GEL), a Texas-based company focused on North American energy assets. The proposed share-for-share exchange would involve issuing 21.5 million Pelican shares for 100% of GEL's equity.
GEL has rights to invest up to $70 million in the Jameson Land Basin through a partnership with March GL Company, covering over 2 million acres in Greenland. The region is estimated to contain 31.4 billion barrels of oil equivalent. The deal includes potential equity exchange rights for March GL Company based on a $200 million valuation.
The LOI provides a 30-day exclusive negotiation period for finalizing definitive agreements. Pelican's sponsor would reduce its founder equity to 25% of IPO shares post-transaction.
Pelican Acquisition Corporation (NASDAQ: PELI) ha firmato una lettera di intenti non vincolante per acquisire Greenland Exploration Limited (GEL), una società texana specializzata in asset energetici nordamericani. Lo scambio proposto prevede l'emissione di 21,5 milioni di azioni Pelican in cambio del 100% del capitale di GEL.
GEL detiene diritti per investire fino a 70 milioni di dollari nel bacino di Jameson Land tramite una partnership con March GL Company, che copre oltre 2 milioni di acri in Groenlandia. La regione è stimata contenere 31,4 miliardi di barili equivalenti di petrolio. L'accordo include anche potenziali diritti di scambio azionario per March GL Company basati su una valutazione di 200 milioni di dollari.
La lettera di intenti prevede un periodo esclusivo di negoziazione di 30 giorni per finalizzare gli accordi definitivi. Lo sponsor di Pelican ridurrà la sua quota fondatrice al 25% delle azioni IPO dopo la transazione.
Pelican Acquisition Corporation (NASDAQ: PELI) ha firmado una carta de intención no vinculante para adquirir Greenland Exploration Limited (GEL), una empresa con sede en Texas enfocada en activos energéticos de América del Norte. El intercambio propuesto de acciones implicaría emitir 21,5 millones de acciones de Pelican por el 100% del capital de GEL.
GEL tiene derechos para invertir hasta 70 millones de dólares en la cuenca de Jameson Land a través de una asociación con March GL Company, que abarca más de 2 millones de acres en Groenlandia. Se estima que la región contiene 31,4 mil millones de barriles equivalentes de petróleo. El acuerdo incluye posibles derechos de intercambio de acciones para March GL Company basados en una valoración de 200 millones de dólares.
La carta de intención establece un período exclusivo de negociación de 30 días para finalizar los acuerdos definitivos. El patrocinador de Pelican reducirá su participación fundadora al 25% de las acciones en la oferta pública inicial tras la transacción.
Pelican Acquisition Corporation (NASDAQ: PELI)는 텍사스에 본사를 둔 북미 에너지 자산에 중점을 둔 Greenland Exploration Limited (GEL) 인수를 위한 구속력 없는 의향서를 체결했습니다. 제안된 주식 교환은 GEL의 지분 100%에 대해 2150만 Pelican 주식을 발행하는 것을 포함합니다.
GEL은 March GL Company와의 파트너십을 통해 Jameson Land 분지에 최대 7000만 달러를 투자할 권리를 보유하고 있으며, 이는 그린란드 내 200만 에이커 이상을 포함합니다. 이 지역은 석유 환산 314억 배럴이 추정됩니다. 이 거래에는 2억 달러 평가 기준으로 March GL Company에 대한 잠재적 주식 교환 권리도 포함됩니다.
의향서는 최종 계약 체결을 위한 30일간의 독점 협상 기간을 제공합니다. 거래 후 Pelican의 스폰서는 IPO 주식의 25%로 창립자 지분을 줄일 예정입니다.
Pelican Acquisition Corporation (NASDAQ : PELI) a signé une lettre d'intention non contraignante pour acquérir Greenland Exploration Limited (GEL), une société basée au Texas spécialisée dans les actifs énergétiques nord-américains. L'échange d'actions proposé impliquerait l'émission de 21,5 millions d'actions Pelican pour 100 % du capital de GEL.
GEL détient des droits d'investissement jusqu'à 70 millions de dollars dans le bassin de Jameson Land via un partenariat avec March GL Company, couvrant plus de 2 millions d'acres au Groenland. La région est estimée contenir 31,4 milliards de barils équivalents pétrole. L'accord inclut des droits potentiels d'échange d'actions pour March GL Company basés sur une valorisation de 200 millions de dollars.
La lettre d'intention prévoit une période de négociation exclusive de 30 jours pour finaliser les accords définitifs. Le sponsor de Pelican réduira sa participation fondatrice à 25 % des actions de l'introduction en bourse après la transaction.
Pelican Acquisition Corporation (NASDAQ: PELI) hat eine unverbindliche Absichtserklärung zum Erwerb von Greenland Exploration Limited (GEL), einem in Texas ansässigen Unternehmen mit Fokus auf nordamerikanische Energieanlagen, unterzeichnet. Der vorgeschlagene Aktientausch sieht die Ausgabe von 21,5 Millionen Pelican-Aktien für 100 % des Eigenkapitals von GEL vor.
GEL besitzt Investitionsrechte von bis zu 70 Millionen US-Dollar im Jameson Land Becken durch eine Partnerschaft mit der March GL Company, die über 2 Millionen Acres in Grönland umfasst. Die Region wird auf 31,4 Milliarden Barrel Öläquivalent geschätzt. Der Deal beinhaltet potenzielle Aktienaustauschrechte für die March GL Company basierend auf einer Bewertung von 200 Millionen US-Dollar.
Die Absichtserklärung sieht eine 30-tägige exklusive Verhandlungsphase zur Finalisierung der endgültigen Vereinbarungen vor. Der Sponsor von Pelican würde seinen Gründeranteil nach der Transaktion auf 25 % der IPO-Aktien reduzieren.
- Access to potentially vast energy reserves estimated at 31.4 billion barrels of oil equivalent
- Rights to over 2 million acres in strategic Greenland location
- No minimum cash condition required from Pelican's trust account
- Previous $200 million investment by major oil companies in the region
- Strategic value due to Greenland's defensive importance to US interests
- Non-binding LOI with no guarantee of deal completion
- Significant share dilution with 21.5 million new shares to be issued
- Unexplored region with uncertain production potential
- Development costs and regulatory challenges in Greenland operations
Insights
Pelican's LOI with Greenland Exploration targets untapped Greenland energy assets with potential 31.4 billion barrels, though early-stage with significant execution risks.
Pelican Acquisition Corp has signed a non-binding letter of intent (LOI) to acquire Greenland Exploration Limited, marking an ambitious but preliminary step toward accessing potentially vast energy reserves. The proposed all-stock transaction values GEL at approximately
The strategic rationale centers on GEL's agreement to invest up to
Several critical aspects deserve scrutiny. First, this remains a highly speculative venture - the LOI is non-binding with a 30-day exclusivity period, and considerable hurdles remain before any definitive agreement. Second, while
The transaction structure indicates Pelican's sponsor will forfeit founder shares to retain only
This represents a high-risk, high-reward opportunity leveraging geopolitical considerations (U.S. strategic interests in Greenland) alongside energy resource potential, but investors should recognize the extensive development timeline and capital requirements typically associated with frontier energy exploration.
NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELI, the “Company” or “Pelican”), a Cayman Islands exempted company formed as a special purpose acquisition company, today announced that it has entered into a non-binding letter of intent (“LOI”) with Greenland Exploration Limited (“Greenland Exploration” or “GEL”) to pursue a potential business combination.
Greenland Exploration is a Texas-based special purpose vehicle focused on developing strategic interests in North American energy assets. Greenland Exploration has an agreement that will allow it to invest up to
Under the preliminary, non-binding terms, the parties are exploring a potential share-for-share exchange in which Pelican would acquire
“This letter of intent represents an exciting first step in our strategy to bring valuable energy assets to the public markets,” said Robert Labbe, Chief Executive Officer of Pelican. “We believe Greenland Exploration’s potential access to strategic reserves in an underexplored region makes it a promising partner for long-term growth.”
“We are very pleased to enter into this LOI with Pelican as we pursue a public market strategy to develop one of the world’s most significant untapped hydrocarbon basins,” said Larry G. Swets, Jr., Chief Executive Officer of Greenland Exploration. “We look forward to working closely with Pelican to evaluate this opportunity.”
The LOI provides for a 30-day exclusive negotiation period, during which the parties will work in good faith toward executing a definitive agreement. The transaction remains subject to, among other things, execution of definitive agreements, completion of due diligence, approval of the boards and shareholders of the respective parties (if applicable), and regulatory and other customary conditions.
As part of the contemplated deal structure, Pelican’s sponsor would forfeit founder shares such that post-transaction, its founder equity would equal
ThinkEquity is acting as advisor to Greenland Exploration and EarlyBirdCapital is acting as advisor to Pelican on the transaction.
Important Note Regarding the LOI
The LOI is non-binding and there can be no assurance whatsoever that a definitive agreement will be executed or that the proposed transaction will be completed on the terms described, or at all.
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, GEL 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.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. These statements relate to, among other things, the proposed business combination, future operations, and performance. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the parties will enter into a definitive agreement or that the proposed transaction will be consummated as described, or at all. Pelican disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release.
Contact
Robert Labbe
Chief Executive Officer
Email: admin@pelicanacq.com
Tel: (212) 612-1400
FAQ
What are the terms of Pelican Acquisition Corp's (PELI) proposed merger with Greenland Exploration?
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What is the size of Greenland Exploration's potential investment in the Jameson Land Basin?
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