Pelican Acquisition Corp Completes $215M Business Combination, Forms Greenland Energy Company

Event summary

  • Pelican Acquisition Corp completed its business combination with Greenland Exploration Limited and March GL Company, forming Greenland Energy Company (GLND) with a $215M implied valuation.
  • GLND will trade on NASDAQ starting March 26, 2026, focusing on the Jameson Land Basin in East Greenland, which holds an estimated 13 billion barrels of recoverable oil.
  • GLND has secured rights to up to 70% of three onshore licenses covering over 2,000,000 acres in the Jameson Land Basin.
  • Field activity is progressing rapidly, with heavy equipment mobilization and a 3-mile road construction planned for the drilling site.
  • GLND has partnered with Halliburton for drilling services and secured a 3,500-meter-capable drilling rig.

The big picture

The formation of Greenland Energy Company marks a strategic shift in Arctic energy development, leveraging decades of exploration data and modern technology to unlock one of the largest undrilled onshore basins. With a focus on enhancing global energy security, GLND's success will hinge on its ability to execute in a challenging regulatory and environmental landscape. The $215M implied valuation reflects the potential scale of the Jameson Land Basin, but the real test will be in delivering on that promise.

What we're watching

Execution Risk
The pace at which GLND can commence drilling and deliver on the estimated 13 billion barrels of recoverable oil will be critical to its valuation.
Regulatory Dynamics
The ability to navigate Greenland's regulatory and permitting risks will impact the timeline and cost of the Jameson Land Basin development.
Market Positioning
Whether GLND can position itself as a key player in enhancing global energy security through responsible Arctic development.