09:07 AM EDT, 09/10/2025 (MT Newswires) -- Pelican Acquisition ( PELI ) , a blank-check company, said Wednesday that it will merge with March GL and Greenland Exploration to form Greenland Energy, which plans to list on the Nasdaq under the ticker 'GLND'.

The company said the new entity will focus on developing the Jameson Land Basin in East Greenland, a potentially rich but undrilled oil and gas area where ARCO previously invested over $275 million in exploration.

Field activity is moving quickly, with Greenland's government approving equipment mobilization to build road access to the first drill site, the company said.

Pelican said the project is supported by major industry partners, including Halliburton for logistics planning and drilling services, IPT Well Solutions as project manager to provide additional oversight and technical support, and a top-tier shipping firm, it added.