At a glance
- Company
- Pelican Acquisition Corp.
- Ticker
- NASDAQ: PELI
- Announcement
- Acquisition
- Location
- Jameson Land basin, Greenland
Key figures
- Potential recoverable oil
- more than 13 billion barrels
- Seismic data
- roughly 1,800 kilometers
- Wells March GL will fund
- up to two exploration wells
- Potential basin interest for March GL
- up to 70%
- Expected transaction closing date
- March 17
People
- Robert PriceExpected to lead the combined company
Products and programs
Pelican Acquisition (NASDAQ: PELI) is moving forward with a merger that will create Greenland Energy Company, which plans to drill the first modern exploration wells in Greenland’s remote Jameson Land basin — a frontier petroleum system that some geologists believe could contain more than 13 billion barrels of recoverable oil. According to a report by OilPrice.com’s Tom Kool, the project brings together Texas-based explorer March GL, Greenland Exploration Ltd. and Pelican Acquisition Corp., with veteran oil executive Robert Price expected to lead the combined company once the transaction closes March 17 and the entity begins trading under the ticker GLND.
The planned drilling campaign will target structures identified through roughly 1,800 kilometers of seismic data originally collected by Atlantic Richfield in the 1980s and recently reinterpreted using modern imaging technology. If successful, the wells could confirm one of the largest undeveloped petroleum systems in the Arctic, potentially positioning Greenland as a new strategic energy frontier amid growing geopolitical competition and renewed interest in Arctic resources.
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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, 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 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile’s subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager.
For more information, visit the company’s website at www.MarchGL.com
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.
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The latest news and updates relating to PELI are available in the company’s newsroom at https://ibn.fm/PELI
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In brief
Pelican Acquisition Corp. says it is advancing a merger to form Greenland Energy Company, which plans modern exploration drilling in Greenland’s Jameson Land basin. The release says some geologists estimate the basin may hold more than 13 billion barrels of recoverable oil. The planned wells would target formations identified from about 1,800 kilometers of seismic data collected in the 1980s and later reinterpreted with modern imaging. The transaction is expected to close March 17, after which the combined company is expected to trade as GLND. Robert Price is expected to lead the new company. March GL, a participant in the project, says it will cover the costs of up to two wells in exchange for earning up to 70% interest in the basin through an 80 Mile subsidiary.
Key takeaways
- Pelican says its planned merger will create Greenland Energy Company, expected to trade under the ticker GLND after closing.
- The proposed drilling targets Greenland’s Jameson Land basin, where some geologists believe recoverable resources may exceed 13 billion barrels.
- March GL says it will fund the costs of up to two exploration wells and may earn up to 70% interest in the basin.
- Robert Price is expected to lead the combined company.
