Pelican Acquisition Corp. (NASDAQ: PELI) has entered into a proposed business combination with Greenland Exploration Limited and March GL Company that is expected to close on March 17, 2026, creating a publicly traded energy company named Greenland Energy Company. The new entity will focus on exploration and development in Greenland's Jameson Land Basin, where March GL may earn up to a 70% interest in more than 2 million acres of onshore licenses. Historic exploration conducted by Atlantic Richfield collected approximately 1,800 kilometers of seismic data that has since been reprocessed using modern imaging technology. Early geological models suggest the basin could contain more than 13 billion barrels of recoverable oil if exploration results confirm the resource potential.
This development comes as the Arctic region is estimated by the U.S. Geological Survey to contain approximately 13% of the world's undiscovered conventional oil resources and 30% of its undiscovered conventional natural gas resources. The proposed Greenland Energy Company represents a significant entry into a region with substantial untapped resources. The Jameson Land Basin project could potentially contribute to global energy supplies if exploration confirms the geological models. The business combination is structured to create a publicly traded entity that would provide investors with exposure to Arctic energy development.
The timing of this proposed combination coincides with increasing global attention on Arctic resources and energy security considerations. While the transaction is not expected to close until 2026, the announcement signals long-term strategic planning for resource development in a region that has historically presented significant logistical and environmental challenges. The reprocessed seismic data from previous exploration efforts provides a technological foundation for the new venture's assessment of the basin's potential. Pelican Acquisition Corp. is a publicly traded special purpose acquisition 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's latest news and updates relating to PELI are available in the company's newsroom at https://ibn.fm/PELI. The InvestorWire platform, which published this information, provides specialized communications services and maintains full terms of use and disclaimers on its website at https://www.InvestorWire.com/Disclaimer.
