Company: PELI
Filing Date: 2025-10-23
Form Type: 425
Source: 0001829126-25-008346
Chunk: 2

Company: Pelican Acquisition Corp
Filing Date: 2025-10-23
Form: 425
Chunk 2
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field Co., better known as ARCO—later acquired by BP—identified offshore Greenland as a top oil prospect in the 1970s.

ARCO and others spent more than $100 million on seismic surveying and assessments of Greenland with plans to develop oil and gas in the territory. But, after some initial drilling pilot programs were unsuccessful, dreams of Greenland’s black gold fell by the wayside when the oil industry infamously went bust in the ‘80s.

The scientific case for exploration dates back many millions of years to continental drift when Greenland was believed to be closely connected to Norway and the British Isles. Research has shown that oil seepage from Greenland is comparable to the global benchmark quality of Brent oil from Norway’s mature North Sea.

Smaller efforts popped up in Greenland over the years, but nothing came to fruition. The UK’s Cairn Energy—now Capricorn Energy—abandoned the most recent drilling effort in 2011 after mixed, mostly failed results.

Nearly all of these projects were offshore though, and Greenland Energy is taking an onshore approach. Despite decades of geological study, eastern Greenland’s Jameson Land Basin remains completely undrilled until potentially next summer.

Price and Swets believe Jameson could be the next Prudhoe Bay. They acquired all of ARCO’s historic seismic surveying data for the Jameson region, which helped them hone in on specific drilling locations. Getting the grandfathered drilling licenses—emphasis on “grandfathered”—into one consolidated company is trickier, but manageable thanks to a series of rapid-fire, convoluted deals.

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Last year, London-based Bluejay Mining acquired London’s White Flame Energy, changing its name to 80 Mile to reflect the expansion of the business model to include oil and gas.

White Flame was founded over a decade ago to explore for oil and gas in Greenland. No development came to pass, but the company critically won three licenses for exploration in the Jameson basin. The licenses received three-year extensions in 2024 prior to the 80 Mile deal.

Citing climate change concerns and the melting ice sheet, Greenland implemented a moratorium on oil and gas drilling in 2021—seemingly bringing all oil dreams to an end—but the government agreed that White Flame’s licenses were grandfathered and remained valid. The government confirmed the legality of the licenses to Fortune, but declined interview requests.

Seeing an opportunity, Price started Texas-based March GL and, in April, he partnered with 80 Mile