Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 151

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 151
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 and the following secondary sources:

| ● | Greenland Resource Assessment published by Nunaoil, the Government of Greenland, and the Geological Survey of Denmark and Greenland (“GEUS”) (October 2021); and |

| ● | United States Geological Survey report titled “Assessment of Undiscovered Oil and Gas Resources of the East Greenland Rift Basins Province” (July 2008). |

The CBV analysis applied a per-barrel price of $68, based on the prevailing WTI crude benchmark as of July 29, 2025. Using the probability-adjusted range of potential deposits, the resulting indicative valuation range for OPW1 and OPW2 was estimated to be between $0 and $29.52 billion in the aggregate. The analysis reflects an un-discounted valuation, given the wide dispersion of outcomes; a discount was not applied as any adjustment was determined immaterial to the overall range for purposes of this illustrative assessment.

This analysis further assumes that the necessary capital will be raised and deployed for exploration and drilling activities. The CBV analysis is not intended to constitute a reserve report or formal appraisal but rather serves as an illustrative framework prepared for the limited purpose of supporting the fairness opinion. The CBV analysis is a hypothetical, illustrative exercise based solely on data provided by GEL management and secondary sources, and does not constitute a certified reserve estimate, engineering assessment, or independent resource validation. EntrepreneurShares makes no representation as to the likelihood of discovery, commercial viability, or ultimate recoverability of the estimated resources.

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Miscellaneous

The foregoing summary of certain financial analyses does not purport to be a complete description of the analyses or data presented by ERShares and is qualified in its entirety by reference to the full text of the Opinion, which is as attached as Annex [ ] to this proxy statement/prospectus. In connection with the evaluation of the Transaction Consideration, ERShares performed a variety of financial and comparative analyses for the purpose of rendering the Opinion. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary descriptions. In arriving at its opinion, ERShares considered the results of all analyses as a whole and did not form a conclusion based on any single analysis. Rather, ERShares made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all the analyses. In addition, ERShares may have given certain analyses and factors more or less weight than others and may have determined certain assumptions more