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 new entity will begin trading on The Nasdaq Stock Market under the ticker (NASDAQ: GLND) on March 26, 2026. This merger positions the combined company to advance development of the Jameson Land Basin in East Greenland, where reprocessed seismic data has identified more than 50 oil and gas targets and independent estimates suggest up to 13 billion barrels of recoverable oil.
The company is preparing for initial drilling, supported by established infrastructure, logistics partnerships and key service providers. 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. 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. 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 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.
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, was not limited to any particular industry or geographic region in identifying prospective targets. The latest news and updates relating to PELI are available in the company’s newsroom at http://ibn.fm/PELI. More information on March GL Company is available on its website at www.MarchGL.com.
This business combination is significant as it brings together the expertise and resources of multiple entities to unlock the energy potential of Greenland’s Jameson Land Basin. With estimates of up to 13 billion barrels of recoverable oil, the project could have substantial implications for global energy markets and the region's economic development. The combined company’s listing on Nasdaq under GLND provides a public platform for investors to participate in this venture.
