80 Mile PLC Notes Pelican Acquisition Corporation's Definitive Merger Agreement with Greenland Exploration Limited.

Pelican Acquisition Corporation has announced a definitive merger agreement with Greenland Exploration Limited, a subsidiary of March GL Company. The agreement will see Pelican acquire a 70% stake in 80 Mile PLC's Jameson liquid hydrocarbon project in Greenland. The deal values the project at $215 million, excluding cash. The transaction is expected to rename Pelican as Greenland Energy Company and trade on the NASDAQ under the ticker GNLD.

Pelican Acquisition Corporation (NASDAQ: PELI) has announced a definitive merger agreement with Greenland Exploration Limited (Greenland Exploration), a subsidiary of March GL Company (March GL). The agreement, signed on September 10, 2025, outlines Pelican's acquisition of a 70% stake in 80 Mile PLC's Jameson liquid hydrocarbon project in Greenland. The transaction is valued at $215 million, excluding cash, and is expected to rename Pelican as Greenland Energy Company (GLND) and trade on the NASDAQ under the ticker GLND Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company^[1].

The Jameson Land Basin in East Greenland has been the focus of extensive exploration and research for decades. ARCO, shortly after discovering the Prudhoe Bay oil field in Alaska, invested in the basin, conducting detailed field mapping, sampling programs, and acquiring seismic data. March GL has now reprocessed this legacy data with modern technology, identifying over 50 distinct oil and gas targets Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company^[1].

Pelican will merge with Greenland Exploration and March GL, with the combined company expected to be listed on the NASDAQ under the ticker GLND. The transaction is expected to close in the fourth quarter of 2025. Pelican shareholders will receive one share of Greenland Energy Company common stock for each share of Pelican common stock they currently hold, subject to redemptions. Existing Greenland Exploration shareholders will receive 1,500,000 shares, and existing March GL shareholders will receive 20,000,000 shares of Greenland Energy Company common stock Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company^[1].

The post-closing board of directors and executive management team of Greenland Energy Company will be led by Larry G. Swets, Jr. as Executive Chairman and Robert Price as Chief Executive Officer. The transaction aims to drive responsible growth, accelerate economic diversification in Greenland, and advance strategic priorities for the United States and its allies Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company^[1].

Pelican's acquisition of the Jameson project represents a landmark opportunity to responsibly connect American capital with one of the world's most resource-rich and geopolitically strategic regions. The transaction is expected to open direct access to U.S. public markets, expanding Pelican's capacity to pursue potentially transformative energy projects Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company^[1].

For more information about the transaction, including a copy of the merger agreement, interested parties are advised to read the registration statement on Form S-4, which will be filed with the U.S. Securities and Exchange Commission (SEC).