At a glance
- Company
- Pelican Acquisition
- Ticker
- NASDAQ: PELI
- Announcement
- Partnership
- Location
- Greenland’s Jameson Land Basin
Key figures
- Exploration wells covered by March GL drilling arrangement
- up to two
- Costs of covered exploration wells funded by March GL
- 100%
- Potential interest in the basin for March GL
- up to 70%
Products and programs
Pelican Acquisition (NASDAQ: PELI) announced that the leadership team behind the formation of Greenland Energy Company has entered into a strategic logistics agreement with Canadian maritime group Desgagnés to support cargo transportation for planned drilling operations in Greenland’s Jameson Land Basin. The agreement, coordinated with and approved by Royal Arctic Line, provides specialized ice-class vessels and Arctic beach-landing capabilities required to mobilize equipment and crews for the upcoming exploration campaign. The arrangement was executed by March GL Company, which along with Greenland Exploration Ltd. is set to merge with Pelican; upon completion of the business combination, the combined entity is expected to operate as Greenland Energy Company and list on Nasdaq under the ticker symbol “GLND.”
To view the full press release, visit https://nnw.fm/bWVbY
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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Questions around this news
What does the logistics agreement for Greenland’s drilling campaign cover?
The agreement is intended to support cargo transport for planned drilling in Greenland’s Jameson Land Basin. It provides specialized ice-class vessels and the ability to land cargo on Arctic beaches, helping move equipment and crews. The release says the arrangement was coordinated with and approved by Royal Arctic Line.
What drilling costs and basin interest are described for March GL Company?
March GL will fund all costs associated with up to two exploration wells. The release says the wells are intended to help delineate the basin’s sedimentary structure and energy potential. In return, March GL may earn, through a subsidiary of 80 Mile, an interest of up to 70% in the basin and is to serve as Field Operations Manager.
What is an ice-class vessel?
An ice-class vessel is a ship built or reinforced to operate in icy waters. Its hull and other features are designed to withstand specified ice conditions, though the vessel’s safe operating limits depend on its particular classification and the conditions at sea.
What does “blank check company” mean?
A blank check company is formed to pursue a merger, acquisition, or similar business combination with another business. It typically identifies and evaluates a prospective transaction after it has been established, rather than operating as a conventional business in a specific industry.
