Pelican Acquisition Corporation Values 80 Mile's 30% Jameson Interest at US$92M

80 Mile PLC notes Pelican Acquisition Corporation's Definitive Agreement and Plan of Merger with Greenland Exploration Limited. The agreement values March GL at approximately $215 million, valuing the remaining 30% of the Jameson project at $92 million. Pelican will be renamed Greenland Energy Company and trade on Nasdaq under the ticker GNLD. The transaction is expected to close in Q4 2025.

NEW YORK, Sept. 10, 2025 — Pelican Acquisition Corporation (NASDAQ: PELI), a publicly listed special purpose acquisition company, has announced a definitive Agreement and Plan of Merger with Greenland Exploration Limited (Greenland Exploration) and March GL Company (March GL). Upon closing, the combined entity will operate under the name Greenland Energy Company and is expected to be listed on the NASDAQ Stock Market under the ticker symbol "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 transaction involves the acquisition of March GL by Greenland Exploration and Pelican, with March GL valued at approximately $215 million. The remaining 30% of the Jameson project is valued at $92 million. The combined company aims to explore and develop the Jameson Land Basin in East Greenland, which has significant potential as a hydrocarbon basin 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 has been the focus of extensive exploration and research for decades. ARCO, shortly after its discovery of the Prudhoe Bay oil field in Alaska, invested in evaluating the basin, including detailed field mapping and seismic data acquisition. Despite this, the basin remained undrilled due to corporate and macroeconomic conditions of the time 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].

March GL 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. The Greenland Government has approved the mobilization of heavy equipment, and March GL has signed agreements with Halliburton for drilling services and a leading shipping company for a 3,500-meter-capable drilling rig 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 is expected to close in Q4 2025 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 merger establishes a robust foundation for growth and creates a platform to responsibly unlock Greenland's vast potential while generating substantial value for all stakeholders. Greenland Energy aims to drive energy security, economic diversification, and strategic independence for the United States and its allied partners 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 further information, interested parties can refer to the registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission (SEC) 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].

References:
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]: https://www.stocktitan.net/news/PELI/pelican-acquisition-corporation-nasdaq-peli-announces-definitive-e3cmx4jghor3.html