Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 267

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 267
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 of this prospectus entitled “Summary Historical Consolidated Financial Information of March GL,” (ii) our audited consolidated financial statements as of and for the period from inception (March 31, 2025) through June 30, 2025, and the related notes thereto, each of which is included elsewhere in this prospectus.

This discussion includes forward-looking statements based on current expectations and projections. These statements involve risks and uncertainties, and actual results could differ materially from those discussed. A detailed description of potential risk factors can be found under “Risk Factors” and elsewhere in this prospectus.

Overview

March GL is an early-stage oil and gas exploration company headquartered in Denver, Colorado. We were formed on March 31, 2025, to pursue exploration opportunities in frontier hydrocarbon basins, with an initial focus on the Jameson Land Basin in East Greenland. March GL holds exclusive licenses to an over 2-million acre area in the Jameson Land Basin, where its licenses cover the majority of the basin. As of October 2025, the independent resource estimates prepared by the Sproule ESCE indicate that March GL’s licenses hold the potential resources of 13 billion barrels of oil. These estimates are inherently uncertain and relate to undiscovered accumulations; they are not classified as proved reserves under SEC rules.

The Company is currently not operating any wells but is preparing to drill its first well in the basin. March GL, through a series of complex series of partnerships and agreements, will own a 70% interest in the licenses covering the Jameson Basin after drilling the first 2 wells of the project.

Our near-term strategy is to use proceeds from the Business Combination and other capital sources to fund our initial exploration and drilling program, including the drilling of three exploratory wells (OPW-1, OPW-6, and OPW-9). The success of these wells is critical to establishing the commercial viability of our acreage and to converting a portion of our prospective resources into proved reserves over time.

Because we have not commenced production or generated revenues, our historical results of operations for the period from inception through June 30, 2025, primarily reflect general and administrative expenses, geological and geophysical evaluation costs, and licensing and permitting expenditures related to our Greenland exploration activities.

Key Factors Affecting Performance

Our future financial and operational performance will depend on a number of key factors, including:

| ● | Exploration and Drilling Results – Our ability to discover commercial quantities of hydrocarbons through our planned drilling program