Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 268

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 268
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 will be the primary driver of future value creation. |

| ● | Commodity Prices – Future cash flows will depend heavily on oil and natural gas prices, which affect the economic viability of development activities. |

| ● | Capital Availability – Exploration and development activities in frontier basins require substantial capital. Our ability to access capital on acceptable terms will influence the pace and scale of our program. |

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| ● | Regulatory Environment – Our operations are subject to Greenland’s exploration licensing requirements, environmental standards, and permitting processes. |

| ● | Geological and Technical Uncertainty – The Jameson Land Basin is a frontier basin with limited seismic data and no modern well control. Our ability to accurately interpret subsurface structures is critical. |

| ● | Operating and Administrative Costs – While currently limited, these costs will increase as we begin drilling and field operations. |

Market Conditions

The oil and gas industry is cyclical and significantly affected by commodity price volatility, global supply and demand dynamics, geopolitical events, and macroeconomic conditions. Prices for crude oil, natural gas, and natural gas liquids have historically been volatile and are expected to remain so.

Although we are not currently producing hydrocarbons, sustained periods of low commodity prices could make it uneconomic to develop any discoveries, reduce investor appetite for frontier exploration projects, and impair our ability to raise capital. Conversely, a high commodity price environment may increase drilling costs and service availability constraints.

We do not currently utilize derivative instruments to hedge commodity price exposure, as we have no production. We may consider hedging strategies in the future if and when we commence production.

Results of Operations

Key Operating Metrics

March GL is an exploration-stage
energy company with no current production, proved reserves, or established revenue streams. As such, we do not presently rely on traditional
operating metrics, such as daily production volumes, lifting costs, reserve replacement ratios, or production efficiency, that are commonly
utilized by producing oil and gas companies. Until commercial operations commence, our performance will be measured primarily through
the progress and results of our exploration activities.

Key
indicators that management expects to monitor include: (i) the number of exploration wells drilled, completed, and evaluated within budgeted
cost and schedule parameters; (ii) the percentage of wells meeting predefined geological and technical success criteria as outlined in
our exploration program; and (iii) total capital deployed on exploration relative to our approved capital budget. These measures provide
management with a framework to assess operational execution, capital efficiency, and