Pelican Acquisition Corp. has 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 company will begin trading on The Nasdaq Stock Market under the ticker GLND on March 26, 2026, marking a significant milestone in the development of Greenland's energy resources.
The newly formed Greenland Energy Company is advancing development of the Jameson Land Basin in East Greenland, where reprocessed seismic data has identified more than 50 oil and gas targets. Independent estimates suggest the basin contains up to 13 billion barrels of recoverable oil, positioning Greenland as a potentially significant player in global energy markets. The company is preparing for initial drilling operations 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. According to the company's website at https://www.MarchGL.com, 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 Jameson Land 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 the Field Operations Manager.
The business combination represents a strategic move to capitalize on Greenland's emerging energy potential while providing public market access for investors interested in Arctic energy development. Greenland Exploration Limited, a Texas-based entity focused on developing strategic positions in North American energy assets, brings its expertise to the combined company through its partnerships aimed at delivering long-term shareholder value in a dynamic and evolving energy market.
This development comes at a time when global energy markets are seeking new sources of supply, and Arctic regions are gaining increased attention for their resource potential. The successful completion of the business combination and subsequent NASDAQ listing provides Greenland Energy Company with enhanced financial flexibility and visibility as it pursues exploration activities in one of the world's frontier energy regions.
The transition to public trading status through this business combination follows Pelican Acquisition Corporation's mandate as 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. The company was not limited to any particular industry or geographic region in identifying prospective targets, ultimately selecting the Greenland energy opportunity for its significant potential.
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The successful completion of this business combination and the upcoming NASDAQ listing of Greenland Energy Company represents a significant step forward in developing Greenland's energy resources while providing public market investors with access to Arctic energy exploration opportunities. The company's focus on the Jameson Land Basin, with its substantial estimated reserves and identified targets, positions it to potentially contribute to global energy supplies while creating value for shareholders through systematic exploration and development activities.
