Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 269

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 269
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 the degree of de-risking achieved across our acreage
position in the Jameson Land Basin. Upon the establishment of production and reserves, we anticipate that additional metrics—such
as production volumes, development costs per barrel, and reserve growth—will become relevant measures of operating performance.

Period from Inception (March 31, 2025) through June 30, 2025

Revenues

Because we have not commenced operations, we did not record revenues during the period from inception through June 30, 2025.

Cost of Revenues

Because we have not commenced operations and have no revenues, we did not incur any costs of revenues during the period from inception through June 30, 2025.

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Gross Profit

The Company did not record a gross profit during the period from inception through June 30, 2025.

Operating Expenses

Operating expenses during this period primarily consisted of:

| ● | General and administrative expenses, including personnel, professional services, and other corporate costs; |

| ● | Geological and geophysical expenditures, including license maintenance fees and early-stage data acquisition; and |

| ● | Transaction and regulatory costs associated with the preparation for this offering and compliance with Greenland licensing requirements. |

For the period from inception (March 31, 2025) through June 30, 2025, total operating expenses were $445,105, reflecting general and administrative expenses (principally professional fees and management services) and geological and regulatory costs associated with Greenland license maintenance and early-stage technical evaluation.

Liquidity and Capital Resources

As of June 30, 2025, we had cash and cash equivalents of $216,137. Since inception, we have financed our operations through equity contributions from founders and early investors. We expect that the net proceeds from this offering will provide the primary source of capital for our initial exploration and drilling program in the Jameson Land Basin.

We anticipate that our cash requirements will increase significantly as we commence drilling operations, acquire additional seismic data, and progress through permitting and environmental studies. Our future capital requirements will depend on the results of our initial wells, the pace of development, regulatory timelines, and prevailing commodity prices.

We may seek additional capital through equity offerings, strategic partnerships, joint ventures, or debt financing. There can be no assurance that such financing will be available on acceptable terms or at all.

Cash Flows

Period from Inception (March 31, 2025) through June 30, 2025