Pelican Acquisition Corp. announced that its shareholders have approved the proposed business combination with Pelican Holdco Inc., Greenland Exploration Limited, and March GL Company during an extraordinary general meeting held on March 19, 2026. The transaction is expected to close on or about March 24, 2026, establishing a publicly traded energy company focused on advancing global energy security through the responsible development of Greenland's natural resources. This combination represents a significant development in the energy sector as global markets seek diversified and secure energy sources, with the focus on Greenland's resources coming at a time when energy security has become increasingly important worldwide.
The newly formed company will leverage the strategic positions of its component entities in North American energy assets. Greenland Exploration Limited, a Texas-based entity, aims to deliver long-term shareholder value in the evolving energy market through its partnerships. More information about Greenland Exploration Limited is available on their LinkedIn profile at https://www.linkedin.com/company/greenland-energy-company. A key operational component of the combination is March GL Company, a privately-owned Texas Corporation that has entered into an agreement with 80 Mile for drilling operations at the Jameson oil and gas basin in Greenland.
March GL will fund 100% of the costs associated with up to two exploration wells designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin and will be appointed as the Field Operations Manager. Additional details about March GL Company can be found on their website at http://www.MarchGL.com. The transaction structure allows March GL Company to assume substantial operational responsibility while providing funding for critical exploration activities that could unlock new energy reserves.
Pelican Acquisition Corporation, as a blank check company, was formed specifically for the purpose of effecting such business combinations without being limited to any particular industry or geographic region in identifying prospective targets. The latest news and updates relating to Pelican Acquisition Corp. are available in the company's newsroom at http://nnw.fm/PELI. The shareholder approval indicates confidence in the strategic direction of combining these entities to create a focused energy development company with specific operational capabilities and resource access. This business combination matters because it represents a coordinated effort to develop Greenland's energy potential at a time when global energy markets face increasing volatility and demand for secure, diversified energy sources. The operational structure, with March GL Company funding exploration activities in exchange for substantial basin interest, creates a model that could accelerate development of Greenland's resources while managing financial risk. The formation of a publicly traded entity focused specifically on this geographic region provides investors with targeted exposure to what could become a significant new energy province, potentially contributing to global energy supply diversification and security objectives.
