Company: PELI
Filing Date: 2025-10-23
Form Type: 425
Source: 0001829126-25-008346
Chunk: 1

Company: Pelican Acquisition Corp
Filing Date: 2025-10-23
Form: 425
Chunk 1
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 advantage of a loophole in Greenlandic law intended to ban oil drilling.

“I’ve drilled for millions of barrels of oil while drilling wildcat wells my whole life, but I’ve never had the opportunity to drill for billions of barrels of oil,” Price told Fortune. “It’s truly an extraordinary opportunity.”

Price and executive chairman Larry Swets aren’t tone deaf. They’re acutely aware of the political and environmental sensitivities that have thrust quiet Greenland into the headlines this year. Their effort is not related to American annexation, they insist, and, while any oil production has an environmental impact, this is a relatively small-scale project in eastern Greenland far away from the population.

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“Regardless of the overall political climate out there, I believe that the Greenland people deserve to know whether or not they have one of the largest oilfields in the world,” Price said.

They hope potential investors are enthused enough to agree. There is obvious risk, Swets said, but the potential upside is huge. “This isn’t just a hope and a prayer. There’s a direct link from your capital to potential oil production, and that’s a pretty favorable risk-reward from my perspective,” Swets said.

Price and Swets are betting their costs eventually will prove lower than the industry average because they’re drilling old-school, conventional wells that go straight down—not the modern, complicated horizontal drilling and fracking involved in the U.S. shale boom. However, energy analysts point to the high costs of setting up in a new remote environment in harsh weather without local infrastructure, labor, or equipment. Then there are the added expenses with exporting the oil and gas—the demand is all international, said Lewis Lawrence, senior analyst with the Wood Mackenzie energy research firm. And it certainly doesn’t help that the timing coincides with low oil prices amid a global glut.

“It’s surprising. It’s high-risk, high-reward,” Lawrence said. “They must go after big targets. If it comes through, then it could be an exciting project. There are not many basins globally that are undrilled. But history tells you in Greenland, based on the lack of success so far, there’s also a good chance that it does go bust. That’s why it’s a high-risk, frontier exploration program.”

Long history, lack of results

That history of Greenland oil goes back more than 50 years. Fresh off the massive Prudhoe Bay oil discovery in Alaska in the late 1960s, the Atlantic Rich