Pelican Acquisition to Create Greenland Energy Company Targeting 13B-Barrel Basin
Pelican Acquisition Corp will merge on March 17 to form Greenland Energy Company trading as GLND, targeting over 13 billion barrels of recoverable oil with its first wells in Greenland’s Jameson Land basin. The exploration campaign uses 1,800 km of modern reprocessed seismic data to map potential reservoir structures.
1. Merger to Form Greenland Energy Company
Pelican Acquisition Corp will close its business combination on March 17 to create Greenland Energy Company, which will trade under the ticker GLND. The transaction combines Pelican with March GL and Greenland Exploration Ltd., consolidating expertise and assets for a major Arctic frontier project.
2. Planned Drilling Campaign in Jameson Land Basin
Greenland Energy Company plans to drill the first modern exploration wells in the Jameson Land basin using 1,800 kilometers of seismic data originally captured in the 1980s and reprocessed with current imaging technology. The wells aim to confirm a petroleum system estimated to hold more than 13 billion barrels of recoverable oil.
3. Partnership Structure and Leadership
March GL will fund 100% of up to two exploration wells to earn up to a 70% interest in the basin, while Greenland Exploration Ltd. and Pelican will retain the remaining equity. Veteran oil executive Robert Price is expected to lead the combined company upon closing.