Houston – Pelican Acquisition Corporation, a publicly traded special purpose acquisition corporation, has announced the successful completion of its proposed business combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company. The Business Combination was approved by Pelican’s shareholders at its extraordinary general meeting of shareholders held on March 19, 2026.
Following the closing, the combined company will operate as Greenland Energy Company, a publicly traded company focused on enhancing global energy security through the responsible development of Greenland’s natural resources. Greenland Energy’s common stock commenced trading on March 26 on The Nasdaq Stock Market under the new ticker symbol “GLND.”
The Jameson Land Basin in East Greenland has been the focus of extensive exploration and research for decades. ARCO, shortly after its discovery of the giant Prudhoe Bay oil field in Alaska, invested the equivalent of more than $275 million in today’s dollars to evaluate the Jameson Land Basin. Their work included detailed field mapping and sampling programs, as well as the acquisition of approximately 1,800 km of 2D seismic data. ARCO also constructed the Constable Point Airfield, which remains a key piece of infrastructure in the region.
These early efforts indicated that the Jameson Land Basin has significant potential as a hydrocarbon basin. Internal ARCO reports and subsequent independent studies pointed to substantial oil potential, with recoverable resources estimated in the multi-billion-barrel range. Despite this, Jameson remained undrilled due to corporate and macroeconomic conditions of the time, leaving its prospectivity intact.
Greenland Energy has now built on this foundation, reprocessing the legacy seismic data with modern technology. This work has identified over 50 distinct oil and gas targets, many with clear structural and stratigraphic trapping potential. Leveraging both the existing infrastructure and the historic investment by ARCO, Greenland Energy is positioned to accelerate drilling of the basin’s first well and unlock its long-recognized potential.
“The closing of this transaction represents a major milestone in advancing Greenland’s emergence as a strategic energy frontier,” said Larry G. Swets, Jr., Executive Chairman of Greenland Energy Company. “Greenland Energy is now positioned to pursue meaningful growth through the responsible development of high-potential resources that can strengthen global energy security and unlock long-term value for our shareholders. We aim to deliver steady, responsible growth that empowers Greenland’s economic diversification, while reinforcing the energy security goals of the United States and its allies.”
Field activity is progressing rapidly. The Greenland Government has approved the mobilization and the sealift landing of heavy equipment, including a D9 bulldozer, trucks, excavators, loaders, generators, and housing units. Once the equipment is offloaded, it will be ready to build a three mile road to the drilling site.
Greenland Energy has also secured critical arctic logistics support with Quebec-based Desgagnés to ship drilling equipment to Jameson Land Basin. (See Maritime Magazine report of February 26)
Greenland Energy has agreements with Halliburton to support logistics planning and provide drilling services, and with a leading shipping company to mobilize a 3,500-meter-capable drilling rig. IPT Well Solutions has also been retained as project manager to provide additional oversight and technical support. Together, these preparations mark the decisive first step toward drilling in Jameson Land Basin—an opportunity that has stood for decades as one of the most compelling undrilled prospects in the Arctic.
“Responsible energy development remains a cornerstone of sustainable economic growth,” said Robert Price, Chief Executive Officer of Greenland Energy. “Our work in the Jameson Land Basin represents a rare opportunity to unlock one of the largest undrilled onshore basins in the Arctic through a disciplined, environmentally responsible approach. This combination of resource quality, execution capability, and market access uniquely positions Greenland Energy to create long-term value while contributing to enhanced global energy security.”
Greenland Energy has obtained the rights from 80 Mile and its subsidiary company, White Flame Energy A/S, to own up to 70% of three onshore licenses, which include over 2,000,000 acres covering the entire petroleum basin. Independent engineering report from Sproule ERCE indicates upside of 13 billion barrels of recoverable oil.
“This business combination represents a transformative opportunity to align U.S. capital with one of the world’s most resource-rich and strategically significant regions,” said Robert Labbe, Chief Executive Officer of Pelican Acquisition Corporation. “This transaction creates a robust, publicly traded platform capable of responsibly advancing Greenland’s untapped energy potential while delivering meaningful long-term value to shareholders and stakeholders. By gaining access to U.S. public markets, Greenland Energy is now positioned to pursue high-impact projects that can reshape Arctic energy development for a new era.”
(Photo of Jameson Land Basin from Pelican/March GL)