Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 391

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 391
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12                         | Counterparts        |     | A-81 |
| 12.13                         | No Recourse         |     | A-81 |
| ARTICLE XIII. PIPE Investment |                     |     | A-82 |
| 13.1                          | PIPE Investment     |     | A-82 |
| ARTICLE XIV. DEFINITIONS      |                     |     | A-83 |
| 14.1                          | Certain Definitions |     | A-83 |

<div align='center'>A-iv</div>

<div align='center'>AGREEMENT AND PLAN OF MERGER</div>

THIS AGREEMENT AND PLAN OF MERGER
(this “Agreement”) is made and entered into as of September 9, 2025, by and among:

| A. | Pelican Holdco, Inc. (“Holdco”), a Texas corporation; |

| B. | Pelican Acquisition Corporation, a Cayman Islands exempted company 
 with limited liability (“Purchaser”);                              |

| C. | Pelican Merger Sub, Inc. (“Pelican Merger Sub”), 
 a Texas corporation;                             |

| D. | Greenland Exploration Limited, a Texas corporation (“Greenland”); |

| E. | Greenland Merger Sub, Inc., a Texas corporation (“Greenland 
 Merger Sub”);                                               |

| F. | March GL Company, a Texas corporation (“March GL”                                  
 and, together with Greenland, the “Companies” and each individually, a “Company”); 
 and                                                                                |

| G. | March GL Merger Sub, Inc. a Texas corporation (“March                                            
 GL Merger Sub” and, together with Pelican Merger Sub and Greenland Merger Sub, the “Merger Subs” 
 and each individually, a “Merger Sub”).                                                          |

Holdco, Purchaser, Pelican Merger
Sub, Greenland, Greenland Merger Sub, March GL, and March GL Merger Sub are sometimes referred to herein individually as a “Party”
and, collectively, as the “Parties.” Capitalized terms used and not otherwise defined herein have the meaning
set forth in ARTICLE XIV.

<div align='center'>RECITALS:</div>

WHEREAS, Purchaser is a
blank check company incorporated in the Cayman Islands and formed for the sole purpose of entering into a Business Combination with one
or more businesses or entities;

WHEREAS, Holdco is a newly
formed corporation, formed for the purpose of consummating the transactions contemplated by this