Company: PELI
Filing Date: 2025-10-23
Form Type: 425
Source: 0001829126-25-008346
Chunk: 3

Company: Pelican Acquisition Corp
Filing Date: 2025-10-23
Form: 425
Chunk 3
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 for the licenses. March GL leads the operations while 80 Mile keeps a 30% stake in the project.

“We have the only onshore licenses in all of Greenland,” Price boasted.

Thanks to mutual friends at ThinkEquity, Price and Swets met early this year and hit it off. Swets, who has expertise with special-purpose acquisition companies (SPACs), formed Greenland Exploration with his investment and merchant banking firm, FG Nexus, and agreed to merge with March GL and find a suitable SPAC to take the company public.

In September, they agreed to be acquired by a SPAC, Pelican Acquisition Corp., in a reverse merger, which will take the pending Greenland Energy Co. public at a $215 million implied valuation when and if the deal closes.

The only problem is the ongoing government shutdown could delay the intended December closing date to January or so, they said.

Is the oil actually reachable?

This month, the team began landing equipment to start building the 3-mile road from the coast to the first well. Road construction is expected to begin early next year. Next summer, the plan is for a barge to bring over the drilling rig to start the first well. A second pilot well is scheduled for fall 2026.

The team already is contracted with oilfield services giant Halliburton, IPT Well Solutions, and Stampede Drilling.

The aim is to drill the first well slowly, entering five different geologic zones and testing for oil and gas in each of them. “Once we are hopefully fortunate to discover an oilfield, the costs will certainly come down,” Price argued.

A 2008 U.S. Geological Survey report on eastern Greenland estimated there are recoverable reserves of 31.4 billion barrels of oil equivalent, which could make the region one of the world’s top oil and gas basins.

However, while nearby, nearly all the estimated reserves are in offshore waters, and the estimate does not count potential volumes from the nearby Jameson Land Basin. The report specifically states, “The Jameson Land Basin [was] considered to have less than a 10% chance of containing a technically recoverable hydrocarbon accumulation.”

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Price contends the Jameson portion of the USGS report is outdate and inaccurate, pointing to a much more recent 2025 third-party review from Sproule ERCE energy consultants that estimates the Jameson basin could hold 9 billion net barrels of recoverable crude oil. The new report contends the first two wells,