80 Mile PLC notes the 09 September 2025 announcement by Pelican Acquisition Corporation (‘Pelican’), a company formed as a special purpose acquisition company, regarding its Definitive Agreement and Plan of Merger with Greenland Exploration Limited (“GEL”), 100% owned subsidiary of March GL Company. GEL has an agreement with March GL Company (“March GL”) that will allow it to earn up to 70% in 80 Mile’s Jameson liquid hydrocarbon project in Greenland (“Jameson”).
Highlights
- Pelican Acquisition Corporation Announces Definitive Merger Agreement with GEL and March GL
- Company to be Renamed Greenland Energy Company, Ticker GNLD Reserved
- Pelican currently trades under PELI on NASDAQ
- $215 Million Implied Valuation for 70% ownership excluding cash
As announced by 80 Mile on 28 April 2025, March GL and 80 Mile entered into a binding agreement for drilling to commence at the Jameson basin in East Greenland. March GL will fund 100% of the costs associated with up to two exploration wells (minimum of 3,500m each) designed to delineate the hydrocarbon potential of the Jameson Basin. In return, March GL will earn up to 70% interest of the 3 licenses covering the Jameson basin. The Definitive Merger Agreement between Pelican and Greenland Exploration values March GL at approximately US$215 million not including the expected US$86m in cash post transaction.
As a result, this values the remaining 30% of the Jameson project that will be retained by 80 Mile at c. US$92 million.
March GL already has in place executed agreements with Halliburton to support logistics planning and provide drilling services, and with leading shipping and logistics companies to mobilize a 3,500-meter-capable drilling rig as well as other required consumables and equipment. IPT Well Solutions has also been retained as project manager to provide additional drilling oversight and technical support. Together, these preparations mark the decisive first step toward drilling in Jameson Land Basin—an opportunity that has stood for decades as one of the most compelling undrilled prospects in the world.
Under the terms of the Definitive Merger Agreement, Pelican, GEL, and March GL will merge into Pelican Holdco, Inc. which will be renamed Greenland Energy Company following the closing of the transaction and is expected to trade on Nasdaq under the ticker GLND. The transaction reflects a combined implied equity value of approximately US$337 million (based on US$10.00 per share) and is expected to close in the fourth quarter of 2025. In addition, Roderick McIllree will be appointed to the Board of Pelican as an executive director, representing 80 Mile.
Approval for sealift of support equipment and infrastructure has been granted by the Greenland Government, with current field activity consisting of heavy equipment mobilisation.
80 Mile will retain 100% ownership of the licenses until completion of the two drill holes then will hold its 30% interest in the Jameson Concession through White Flame Energy A/S, its 100% owned subsidiary. All parties involved recognise that continued activity at Jameson is subject to ongoing Greenland approval and will continue to work with Greenlandic regulators for such.
Roderick McIllree, Executive Director and founder of the White Flame concessions in Greenland, commented:
“It is with great pride that we now move into the next phase of development of this project. Increased interest and the recent identification of Greenland by various political parties as ‘the most valuable piece of land on earth, both strategically and from an economic point of view’ means we are perfectly positioned to reap huge benefits here, not just in Jameson but potentially on Disko shortly, as well.
This deal has come after many months of hard work by many people across multiple organisations, whether they be financiers, international legal experts, oil industry experts, or the leaders of the individual companies themselves. What we have now is one big machine that is aligned in its desire to prove the existence of one of the world’s last remaining great untapped oil occurrences.
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