Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 256

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 256
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 Oil 
 3U        |          |     | Net Oil 
 1U      |       |     | Net Oil 
 2U      |         |     | Net Oil 
 3U      |         |
| 100% Interest                               |     |           | 1,088.7 |     |           | 4,196.3 |     |           | 13,039.7 |     |         | 762.1 |     |         | 2,937.4 |     |         | 9,127.8 |

Development Plan and Capital Budget

Our business plan is exploration focused. It is centered on unlocking Greenland’s vast hydrocarbon potential, first through the Jameson Land Basin. This is in contrast with the exploitation of existing production assets of more established companies with existing operations.

We are currently on the exploration stage energy company with no current production and no proven reserves, but prospective resources. Our primary focus is drilling the first wells on our project to conducting the necessary exploration, appraisal and evaluation. We have identified 3 initial well locations across a vast acreage-holding where we could potentially drill many more wells, and through the data gathered from our initial drilling program, we will develop the necessary funding and development program for the commercial development of our entire acreage holding where we hold exclusive licenses.

Capital Budget and Funding

Funding for our initial, high-cost capital program is primarily provided by proceeds from the strategic merger, which are earmarked to drill the first two exploration wells. The total investment to bring the project to a drill-ready state.

Our initial exploration budget is focused on the Phase I Exploration Program, which targets 3 high-graded locations, OPW-1, OPW-6, and OPW-9. The volumetric estimates associated with these prospects promise high commercial viability.

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Development Plan

Our development plan is planned around initial drilling campaign crafted around an operational window provided in the Arctic environment.

| - | Mobilization (Q4 25/Q1 26): Equipment, including a D9 Bulldozer, housing for 40+ workers,                                         
 generators, trucks, and cranes, mobilized via tugboat and barge, arrived in October 2025. Road and pad building equipment will be 
 in place to begin constructing the 3-mile road to the OPW 1 location in Q1 26.                                                    |

| - | Drilling Commencement (Q3 2026): The Stamp