Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 150

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 150
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Shares considered these types of transactions to be similar to the proposed Business Combination, given the similarities these companies had to the characteristics of the Company. |

| ● | Business Status – Startup: Among transactions falling into the Energy category, ERShares selected transactions involving privately owned companies that were having a Business Status of Startup. ERShares considered these types of transactions to be similar to the proposed Business Combination, given the similarities these companies had to the business line and other characteristics of the Company. |

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For each of the Comparable transactions identified above, a valuation range of $0.58 Million to $655 Million was determined for GEL’s consolidated potential future business, based on the Min and Max enterprise valuation of the 23 companies identified above. The enterprise valuation of the 23 Companies derived, were reflected in public filings made by the companies involved in the GTM Guideline Transactions and data made available by Pitchbook as of the date of valuation.

Based on the derived valuation range of approximately $0.58 Million to $655 Million, the transaction based on a pre-money total enterprise value of $215 Million fell within the derived valuation range and was determined to be fair from a financial point of view under this methodology.

Commodity Based Valuation Analysis

In connection with the preparation of its fairness opinion, EntrepreneurShares conducted a Commodity-Based Valuation (“CBV”) analysis to assess the illustrative value of two oil well prospects (“OPW1” and “OPW2”) based on estimated deposits of technically recoverable oil and gas resources. The CBV analysis relied on information provided by management of Greenland Exploration Limited (“GEL”), as well as certain publicly available secondary sources.

EntrepreneurShares selected OPW1 and OPW2 for this analysis based on GEL’s Memorandum of Understanding (“MOU”) with Eighty Mile PLC, which grants GEL the rights to drill and retain an economic interest in the wells. Pursuant to the MOU, GEL is entitled to receive 50% of the profits from OPW1 and 70% of the profits from OPW2.

Based on data provided by management and supplemented by publicly available geological studies, OPW1 is estimated to contain between approximately 166 million and 1.9 billion barrels of oil equivalent (“BOE”), while OPW2 is estimated to contain between 62 million and 706 million BOE. The probability of successful extraction was assumed to range between 10% and 90%. These estimates and probability assumptions were sourced from management