Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 147

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 147
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 on a combination of (a) a Commodity Based Valuation Analysis (“CBV Analysis”), (b) a Guideline Publicly Traded Companies Analysis (“GPC Analysis”) and (c) a Guideline Transaction Analysis (“GTM Analysis”) as further described below.

Guideline Publicly Traded Company Analysis (GPC)

The GPC Analysis is a market indicator used to value a business. ERShares reviewed and analyzed publicly available data on CapIQ about companies that were considered to have attributes similar to the Company. There are no guideline public companies that are directly comparable to Company’s future prospective business. ERShares selected a group of 193 guideline public companies that it considered to have attributes similar to the Company (“GPC Guideline Companies,” collectively, the “Guideline Companies Group”) to use for purposes of the GPC Analysis.

ERShares utilized the platform and analytical tools of CapIQ’s public Company database (the “database,” unless otherwise indicated, as accessed as of July 30, 2025 (the “Access Date”)), to assist with the identification of GPC Guideline Companies and to obtain certain publicly available information about those companies. Of the total number of companies with securities listed on a U.S. national securities exchange (“Public Companies”) included in the database, ERShares selected the 193 GPC Guideline Companies.

The GPC Guideline Companies are as follows:

| ● | Sable Offshore Corp.              | ● | AXP Energy Limited                |
| ● | Rockhopper Exploration plc        | ● | BP Prudhoe Bay Royalty Trust      |
| ● | Prabha Energy Limited             | ● | Horizon Petroleum Ltd.            |
| ● | Cyber App Solutions Corp.         | ● | Altex Industries, Inc.            |
| ● | Houston American Energy Corp.     | ● | Triangle Energy (Global) Limited  |
| ● | Pantheon Resources Plc            | ● | Ascent Resources Plc              |
| ● | Tamboran Resources Corporation    | ● | First Helium Inc.                 |
| ● | Zion Oil & Gas, Inc.              | ● | New Zealand Energy Corp.          |
| ● | Sintana Energy Inc.               | ● | Grand Gulf Energy Limited         |
| ● | Beetaloo Energy Australia Limited | ● | Clontarf Energy plc               |
| ● | Carnarvon Energy Limited          | ● | Squatex Energy and Resources Inc. |
| ● | Comet Ridge Limited               | ● | Coro Energy plc                   |
| ●