Research analysts covering Pelican Acquisition.
Recent press releases and 8-K filings for PELI.
Pelican Acquisition Corp. Announces Business Combination with March GL for Greenland Oil Exploration
PELI
M&A
New Projects/Investments
Demand Weakening
- Pelican Acquisition Corp. (PELI) is undertaking a business combination with March GL Company, which is set to list publicly as Greenland Energy Company in Q1 2026.
- March GL plans to invest hundreds of millions of dollars to develop the Jameson Land prospect in Greenland, aiming to drill two initial wells in 2026 at an estimated cost of $40 million for the first and $20 million for the second.
- The company estimates its Greenland licenses contain 13 billion or more barrels of commercially recoverable oil, potentially valued at over $800 billion at current prices, with Greenland receiving a sliding royalty from 3.75% to 15% of profits.
- This high-risk exploration project proceeds amidst a projected oil market oversupply of more than 3 million barrels per day in 2026 and forecasts of West Texas Intermediate crude prices potentially falling to the $30 per barrel range next year.
Jan 12, 2026, 10:45 PM
Pelican Acquisition Corp Announces Merger and Details Greenland Oil Prospects
PELI
M&A
New Projects/Investments
- Pelican Acquisition Corporation (PELI) entered into a merger agreement on September 9, 2025, with Greenland Exploration Limited and March GL Company, which will result in the combined entity operating as Greenland Energy Company and trading on NASDAQ under the ticker GLND.
- A Sproule ERCE report, dated September 1, 2025, evaluated March GL's Greenland license, identifying 58 prospects with aggregated gross unrisked recoverable prospective oil volumes of 4,196.3 million barrels (Pmean).
- March GL holds a 70% working interest in 1,400,220.5 net acres across three licenses in Greenland and plans to mobilize for its first two drilling locations in Q2 2026, with the first well spudding in Summer 2026.
- It is important to note that the company currently has no proved, probable, or possible oil and gas reserves as no wells have been drilled to establish commercial viability.
Oct 24, 2025, 8:45 PM
Pelican Acquisition Corporation Announces Business Combination and Formation of Greenland Energy Company
PELI
M&A
New Projects/Investments
- 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.
- 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.
- 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.
- The first well (OPW 1) at Jameson Land Basin, estimated to contain 2.9 billion barrels (P10), is planned for drilling in Summer 2026.
Oct 20, 2025, 11:00 AM
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