Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 257

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 257
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ede drilling rig and related equipment, along with Halliburton services personnel, will sail for Jameson Land. |

| - | Initial Drilling Campaign (Q3 2026): Existing funds and the proceeds from the merger will fund the drilling of the first two critical exploration wells. |

| - | OPW 1 is expected to be drilled starting in Q3 2026. |

| - | OPW 6 to be drilled in subsequent Q4 2026. |

| - | The data gathered will be used to de-risk the subsequent wells and inform decision-making process for the future development plans. |

Our Operations Oil and Gas Reserves

The evaluation of March GL’s license interests in the Jameson Land Basin has been prepared using the Prospective Resources methodology. Prospective resources represent the estimated quantities of petroleum that may potentially be recovered from undiscovered accumulations through the application of future development programs on the acreage. These estimates are inherently uncertain because they relate to undiscovered accumulations. There is no certainty that any portion of the prospective resources will be discovered, or that, if discovered, they will be economically viable or technically feasible to recover.

The assessment was prepared in accordance with both SEC and Petroleum Resources Management System (PRMS) evaluation standards. Sproule ERCE, an independent petroleum engineering firm, conducted the evaluation. Sproule was selected for this work based on its historical experience and geographic expertise in evaluating similar frontier basins.

Sproule’s review included analysis of four key geological reports:

| ● | The Gaffney Cline Associates (GCA) 2024 Independent Audit |

| ● | The Arco 1987 Geological and Geophysical Interpretation |

| ● | Greenland Geological Survey (GGS) 1987 archival data |

| ● | The 80 Mile (80M) Resource Estimates, which defined 58 exploration prospects across the basin |

Sproule validated three levels of prospective resource assessments:

| ● | Basin-Level Assessment – Evaluation of the Jameson Land Basin as a whole, encompassing all three licenses held by March GL. |

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| ● | Prospect Inventory Assessment – Review of the total prospective resource base identified in 58 prospects defined by 80M. |

| ● | Initial Drilling Program Assessment – Review of the first three prospective wells identified by March GL (OPW-1, OPW-6, and OPW-9) in its planned drilling program. |

Reserve and resource assessments are subject to numerous uncertainties