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, according to the press release.
The newly formed 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 could hold up to 13 billion barrels of recoverable oil. Greenland Energy is preparing for initial drilling, supported by established infrastructure, logistics partnerships and key service providers.
Greenland Exploration Limited, a Texas-based entity, focuses 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. 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, 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 a 70% interest in the entire basin and will be appointed as the Field Operations Manager.
Pelican Acquisition Corporation was 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 was not limited to any particular industry or geographic region in identifying prospective targets.
The completion of this business combination marks a significant milestone for the development of the Jameson Land Basin, which has the potential to become a major source of oil and gas. The listing on Nasdaq provides Greenland Energy Company with access to capital markets to fund its exploration and development activities. The company’s focus on leveraging existing infrastructure and partnerships positions it to move quickly toward initial drilling operations.
For more information about Greenland Exploration Limited, visit their LinkedIn page at https://www.linkedin.com/company/greenland-energy-company. Additional details about March GL Company are available on its website at http://www.MarchGL.com. The latest news and updates relating to PELI are available in the company’s newsroom at http://ibn.fm/PELI.
This development underscores the growing interest in energy exploration in Greenland, a region with significant untapped resources. The successful combination of these entities and the upcoming Nasdaq listing highlight the potential for substantial value creation for shareholders as the company progresses toward drilling and production.
