Pelican Acquisition Corporation announced the signing of a definitive Agreement and Plan of Merger with Greenland Exploration Limited and March GL Company.
The combined company will operate under the name Greenland Energy Company and is expected to be listed on the NASDAQ Stock Market under the ticker symbol GLND.
The merger agreement implies a $215 million valuation for up to 70% ownership, with the closing expected in the 4th quarter of 2025.
Strategic Merger
Pelican Acquisition Corporation merges with Greenland Exploration Limited and March GL Company to form Greenland Energy Company.
Implied Valuation
The merger agreement implies a $215 million valuation for up to 70% ownership of the combined company.
NASDAQ Listing
Upon closing, the new company is expected to be listed on the NASDAQ Stock Market under the ticker symbol GLND.
Exploration Potential
Significant oil potential in the Jameson Land Basin, with over 50 distinct oil and gas targets identified for drilling.
Operational Progress
Field activities rapidly progressing in Greenland, with agreements in place for drilling services and equipment mobilization.
- The merger marks a significant partnership in unlocking Greenland's energy potential on a global scale.
- The focus on the Jameson Land Basin's exploration highlights the long-recognized hydrocarbon potential in the region.
- Preparations for drilling and operational logistics signify a crucial step towards realizing the untapped resources in the Arctic.
- The venture aims to drive economic diversification in Greenland and support strategic interests of the United States and allied partners.
The merger agreement between Pelican Acquisition Corporation, Greenland Exploration Limited, and March GL Company sets the stage for Greenland Energy Company to capitalize on the untapped energy potential in the Jameson Land Basin and drive responsible growth in the region.