Pelican Acquisition Corp. (NASDAQ: PELI) announced the successful completion of its business combination with Pelican Holdco Inc., Greenland Exploration Limited and March GL Company, forming Greenland Energy Company. The combined entity will begin trading on The Nasdaq Stock Market under the ticker (NASDAQ: GLND) on March 26, 2026, marking a significant milestone in the development of energy resources in East Greenland.
The newly formed company is advancing development of the Jameson Land Basin, where reprocessed seismic data has identified more than 50 oil and gas targets. Independent estimates suggest the basin could contain up to 13 billion barrels of recoverable oil, positioning Greenland Energy Company as a major player in the region's energy sector. The company is preparing for initial drilling, supported by established infrastructure, logistics partnerships and key service providers.
March GL Company, a privately-owned Texas Corporation, has entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin. Under the terms, March GL will fund 100% of the costs associated with up to two exploration wells, designed to delineate the sedimentary structure and energy potential of the basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin and will be appointed as Field Operations Manager. More information is available on its website www.MarchGL.com.
Greenland Exploration Limited, a Texas-based entity focused on developing strategic positions in North American energy assets, aims to deliver long-term shareholder value through its partnerships. The company's LinkedIn profile provides further details on its activities (https://www.linkedin.com/company/greenland-energy-company).
Pelican Acquisition Corporation, a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, identified the Greenland energy assets as a prospective target. The completion of this business combination underscores the potential of the Jameson Land Basin to contribute to global energy supplies. For the latest news and updates relating to PELI, investors can visit the company's newsroom at http://ibn.fm/PELI.
The formation of Greenland Energy Company represents a strategic move to unlock the hydrocarbon potential of East Greenland, with significant implications for the energy industry. With more than 50 identified targets and substantial recoverable oil estimates, the company is poised to commence drilling operations that could reshape the region's energy landscape.
