$PELI Shareholders Approve Landmark Greenland Energy Merger

Pelican Acquisition Corporation ($PELI) has secured shareholder approval for its transformative business combination with Pelican Holdco, Inc., Greenland Exploration Limited, and March GL Company, marking a pivotal moment in Arctic energy exploration. The extraordinary general meeting of shareholders held on March 19, 2026, voted to greenlight the transaction, which is expected to close on or about March 24, 2026. The merger positions the combined entity as a publicly traded energy company strategically focused on developing Greenland's largely untapped natural resource base—a region increasingly viewed as critical to global energy security and mineral supply chains.

The approval represents a major milestone in what could reshape Arctic energy development. Greenland, with its vast offshore and onshore hydrocarbon reserves, has emerged as a focal point for energy companies seeking new frontiers as traditional exploration areas mature. The merger specifically targets Greenland's Jameson Land Basin, one of the Arctic region's most promising exploration zones, where significant petroleum deposits have been identified.

Key Transaction Details and Structure

The business combination brings together three entities with complementary roles in Arctic energy development:

• Pelican Holdco, Inc.: The holding company structure for the combined operations
• Greenland Exploration Limited: Bringing exploration expertise and regional assets
• March GL Company: A crucial financing partner with significant capital commitments

March GL Company will fund exploration well development in the Jameson Land Basin in exchange for up to 70% interest in the basin. This ownership structure reflects the capital-intensive nature of Arctic exploration, where drilling costs and operational expenses are substantially higher than conventional basins. The 70% stake positions March GL as the dominant partner while allowing other shareholders to participate in potential upside.

The transaction is expected to be consummated imminently, with March 24, 2026 identified as the anticipated closing date. This swift timeline—just five days following shareholder approval—suggests regulatory prerequisites have largely been satisfied and documentation has been finalized.

Market Context and Strategic Significance

Greenland's emergence as an energy frontier carries substantial geopolitical and market implications. The region's vast unexplored territories contain estimated resources comparable to major global petroleum provinces. As traditional offshore drilling areas in the North Sea and Gulf of Mexico face increasing environmental scrutiny and regulatory constraints, Arctic exploration represents the industry's next major development opportunity.

The Jameson Land Basin specifically has attracted interest from international energy companies due to:

• Significant estimated petroleum reserves
• Relatively accessible geology compared to deepwater Arctic regions
• Infrastructure development opportunities for long-term production
• Strategic positioning amid global energy transition considerations

The merger structure also reflects broader trends in energy market financing. Traditional integrated oil and gas companies have become more selective about new Arctic ventures due to capital allocation pressures and energy transition strategies. Specialized exploration companies and investment vehicles like Pelican Acquisition Corporation provide alternative pathways for Arctic resource development, often with focused capital and risk appetite optimized for high-impact exploration.

Greenland itself has undergone policy shifts favoring resource development. The autonomous territory has accelerated permitting processes and offered incentives to attract international energy investment, positioning Arctic development as a cornerstone of Greenland's economic future.

Investor Implications and Forward-Looking Outlook

For $PELI shareholders, the approved merger transforms the company from a special purpose acquisition vehicle (SPAC) into an operating energy company with direct exposure to Arctic hydrocarbon development. This transition carries meaningful implications:

Risk and Return Profile: Arctic exploration involves significant technical, environmental, and regulatory risks. Success in the Jameson Land Basin could generate substantial returns if exploration wells encounter commercial discoveries, but drilling failures represent substantial capital loss.

Capital Requirements: The 70% interest funded by March GL demonstrates the capital intensity ahead. Future well drilling, appraisal, and potential development activities will require substantial additional investment.

Timeline to Value Creation: Arctic energy projects typically operate on multi-year timelines. Shareholder value realization likely extends beyond 2026, with exploration well results anticipated over the subsequent 1-2 year period.

Energy Market Dynamics: Oil and gas prices significantly influence project economics. The venture's financial feasibility depends on hydrocarbon prices remaining at levels that support Arctic development costs.

The merger also carries broader market significance amid evolving energy policy discussions. Arctic energy development exists in tension with climate change considerations and energy transition priorities. The $PELI transaction represents continued investment in hydrocarbon exploration despite global pressure toward renewable energy adoption, reflecting conviction in long-term fossil fuel demand.

Competitive dynamics in Arctic exploration remain relatively limited, with few publicly traded vehicles focused exclusively on Greenland development. The approved merger positions $PELI in a differentiated market position, though regulatory changes or environmental policies could materially impact project viability.

With shareholder approval secured and closing imminent, the combined entity faces execution priorities including well planning, regulatory coordination with Greenlandic authorities, and capital deployment strategies. The success of the Jameson Land Basin exploration program will determine whether this merger creates meaningful shareholder value or becomes a cautionary tale in Arctic energy development's complexity and capital intensity. Market participants should monitor exploration well results closely beginning in late 2026 or early 2027 as the initial indicator of discovery potential.