- **Pelican Acquisition Corporation (PELI)** announced a business combination with **March GL Company** and **Greenland Exploration Limited**, which will result in the formation of **Greenland Energy Company**.  **[2037431_0001829126-25-008231_pelicanacq_8k.htm:1]** **[2037431_0001829126-25-008231_pelicanacq_ex99-1.htm:1]** **[2037431_0001829126-25-008231_pelicanacq_8k.htm:2]** **[2037431_0001829126-25-008231_pelicanacq_8k.htm:3]** **[2037431_0001829126-25-008231_pelicanacq_ex99-1.htm:10]** 
- In this transaction, March GL shareholders will receive **20 million shares** (valued at **$200 million**) and Greenland Exploration shareholders will receive **1.5 million shares** (valued at **$15 million**) of Greenland Energy Company.  **[2037431_0001829126-25-008231_pelicanacq_ex99-1.htm:10]** 
- The combined company will focus on the **Jameson Land Basin** in Greenland, which an independent engineering report estimates to hold **13+ billion barrels of gross oil** (P10) with a potential peak daily production of **1.5 - 2.0+ million barrels per day**.  **[2037431_0001829126-25-008231_pelicanacq_ex99-1.htm:6]**  
- The first well (OPW 1) at Jameson Land Basin, estimated to contain **2.9 billion barrels** (P10), is planned for drilling in **Summer 2026**.  **[2037431_0001829126-25-008231_pelicanacq_ex99-1.htm:10]**

Pelican Acquisition (PELI)