Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 255

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 255
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 exploration wells. |

| ● | Develop and Monetize: Our focus is on conducting the necessary exploration, appraisal, and evaluation required to determine the existence of a significant quantity of potentially recoverable hydrocarbons and establish commercial viability of any accumulations. The Jameson Land Basin holds significant resource potential, with prospective oil volumes estimated by Sproule ERCE at over 13 billion barrels (P10 Gross). The potential scale, analogous to Prudhoe Bay. We aim to use modern technology to leverage large scale exploration to potentially achieve competitive pricing. Proceeds from the merger are specifically earmarked to fund the initial exploration wells. |

Our Properties and Assets

The Jameson Land Basin was initially first discovered by Atlantic Richfield Company (ARCO) in the 1970s, one of the top oil and gas procedures in the 20th century. For comparison, ARCO had also discovered the Alaska Prudhoe Bay in 1968 and the basin has produced over 13 billion barrels of oil and continues at a rate of 300,000 Boepd.

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March GL is focused on the Jameson Land Basin because the Company’s geological thesis indicates that the Basin was left unexplored by ARCO due to macroeconomic and corporate restructuring challenges during 1985-1987 while still retaining its top resource potential.

Independent resource estimates prepared by Sproule ERCE dated September 1, 2025 indicates that March GL’s licenses at the Jameson Basin may contain over 13 billion barrels of oil with the March GL net 70% interest in the license equating to 9.1 billion barrels of potential resources.

While there are geological and operational challenges, assuming that every evaluated prospect is productive, the amount could represent one of the top producing basins in the world, hence making the exploration project a worthwhile effort for the Company.

March GL holds the exclusive licenses to explore 2-million acres at the Jameson Basin through a cost-effective complex series of structured deals. March GL will own up to 70% of interest in the 3 licenses covering the majority of the basin after funding and drilling the first 2 wells at the Basin. The Company will own 50% interest in the licenses after the drilling of the first well and 70% after the drilling of the second well.

| Prospective Resources (figures in millions) |     | Gross Oil 
 1U        |         |     | Gross Oil 
 2U        |         |     | Gross