Core Viewpoint - Pelican Acquisition Corporation has signed a definitive Agreement and Plan of Merger with Greenland Exploration Limited and March GL Company, aiming to create Greenland Energy Company, which will focus on hydrocarbon exploration in the Jameson Land Basin in East Greenland [1][4][8] Company Overview - Pelican Acquisition Corporation is a publicly listed special purpose acquisition company (SPAC) that is set to merge with Greenland Exploration and March GL, transitioning to Greenland Energy Company post-merger [1][15] - Greenland Exploration Limited is focused on developing strategic positions in North American energy assets, aiming to deliver long-term shareholder value [12] - March GL Company has entered into an agreement for drilling in the Jameson Land Basin and will fund exploration wells to delineate the energy potential of the area [13] Industry Insights - The Jameson Land Basin has significant hydrocarbon potential, with recoverable resources estimated in the multi-billion-barrel range, although it has remained undrilled due to past corporate and macroeconomic conditions [2][6] - March GL has reprocessed legacy seismic data, identifying over 50 distinct oil and gas targets, which positions the company to accelerate drilling efforts in the basin [3][5] - The Greenland Government has approved the mobilization of heavy equipment for drilling activities, indicating a supportive regulatory environment for resource development [4][5] Transaction Highlights - The merger is expected to close in the fourth quarter of 2025, with an implied valuation of $215 million for up to 70% ownership in the Jameson Land Basin [7][15] - Existing shareholders of Greenland Exploration and March GL will receive a significant number of shares in the new Greenland Energy Company, with Pelican shareholders receiving one share for each share they hold [15] Leadership and Governance - Post-merger, the leadership team will include Larry G. Swets, Jr. as Executive Chairman and Robert Price as CEO, with representatives from all three companies involved [10]