Pelican Acquisition Corporation

What Pelican Acquisition Corporation does

Pelican Acquisition Corporation was a Cayman Islands-incorporated special-purpose acquisition company (SPAC), also referred to as a blank check company, formed in 2024 and headquartered in New York at 1185 Avenue of the Americas. It was listed on NASDAQ under the ticker symbol PELI and had a market capitalization of approximately $113 million near the time of its business combination. The company's purpose, consistent with standard SPAC structures, was to identify and complete a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more target businesses, with no industry or geographic restriction on its acquisition mandate.

In 2026, Pelican Acquisition Corporation completed a business combination with Greenland Exploration Limited and March GL Company to form Greenland Energy Company, which commenced trading on NASDAQ under the symbol GLND on March 26, 2026 at an implied valuation of $215 million. The combined entity holds rights to up to 70% of three onshore exploration licenses covering over 2 million acres in the Jameson Land Basin in East Greenland, with 80 Mile PLC retaining the remaining 30% interest through its subsidiary White Flame Energy A/S. An independent Sproule ERCE engineering report estimated 13.03 billion barrels of gross unrisked recoverable prospective oil resources across the licenses.

The successor operating company has assembled operational partnerships ahead of a planned 2026 drilling campaign, including a drilling services agreement with Halliburton, ice-class vessel and Arctic beach-landing logistics from Canadian maritime operator Desgannés, and coordinated shipping support from Greenland's state-owned Royal Arctic Line. The post-merger entity appointed former BP executive Ashiq Merchant as Chief Financial Officer to lead the transition to public markets and exploration execution. As an SPAC-turned-exploration venture, Pelican generated no operating revenue prior to its de-SPAC and the combined entity remains pre-revenue.

Name

Pelican Acquisition Corporation

Legal name

Pelican Acquisition Corporation

Website

https://pelicanacq.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Pelican Acquisition Corporation was a Cayman Islands SPAC that completed a March 2026 de-SPAC merger with Greenland Exploration Limited and March GL Company to form Greenland Energy Company (NASDAQ: GLND), an Arctic onshore oil exploration venture targeting the Jameson Land Basin in East Greenland.

Ownership category

akta.pro rank

Product category

Special Purpose Acquisition Company (SPAC)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSANABAG

Public-to-Private (P2P) Buyout

Financial & Insurance/Private Equity & Venture Capital/Private Equity Firms (Buyout)

Keywords

• Blank check company
• Special purpose acquisition
• Business combinations
• SPAC mergers
• Acquisition vehicle

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. SPAC De-SPAC Transaction Returns: As a blank check company, Pelican Acquisition Corporation generates value through identifying a target business and completing a business combination, creating long-term value for shareholders. The company's revenue model is indirect — it does not sell products or services but rather seeks to acquire or merge with an operating business to generate returns for investors.

Distribution channels1 record

Marketing channels1 record

Core offering

Pelican Acquisition Corporation is a Special Purpose Acquisition Company (blank check company) formed to facilitate a merger, share exchange, asset acquisition, share purchase, reorganization, or other business combination with one or more businesses. The company completed its de-SPAC transaction in March 2026 by combining with Greenland Exploration Limited and March GL Company to form Greenland Energy Company, which holds rights to onshore oil exploration licenses in Greenland's Jameson Land Basin. Pelican did not sell traditional products or services; it functioned as a publicly listed financial acquisition vehicle.

Product overview

Pelican Acquisition Corporation is a Special Purpose Acquisition Company (SPAC/blank check company) established to facilitate mergers, acquisitions, or business combinations. The company completed a business combination with Greenland Exploration Limited and March GL Company, forming Greenland Energy Company (ticker: GLND) which focuses on oil exploration in Greenland's Jameson Land Basin. As a financial acquisition vehicle, Pelican Acquisition Corporation does not offer technology products or services.

Differentiator

Problem solved

Functional benefit

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• HalliburtoncoreStrategic or Co-development Partner · 26 March 2026Greenland Energy Company secured a drilling services partnership with Halliburton as part of preparations for drilling operations in the Jameson Land Basin, East Greenland. Halliburton was selected as a key oilfield services provider for the 2026 drilling campaign.
• DesgannéscoreStrategic or Co-development Partner · 23 February 2026Canadian maritime operator Desgannés was engaged to provide specialized ice-class vessels and Arctic beach-landing capabilities for planned drilling operations in Greenland's Jameson Land Basin. The agreement was coordinated with Greenland's state-owned shipping company Royal Arctic Line, representing a key operational milestone for what would be Greenland's first onshore oil exploration program in over half a century.
• Royal Arctic LineminorStrategic or Co-development PartnerGreenland's state-owned shipping company Royal Arctic Line coordinated logistics support with Desgannés for Arctic drilling mobilization operations in the Jameson Land Basin.
• Ashiq Merchant (former BP executive)coreStrategic or Co-development PartnerAshiq Merchant, a former BP executive, was appointed as Chief Financial Officer of Greenland Energy Company as part of the proposed business combination with Pelican Acquisition Corporation. His role was to oversee financial operations and support the transition to public markets and exploration projects.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Greenland Resources Inc. Canadian-listed mineral exploration company with assets in Greenland. Comparable as a small-cap resource developer operating in the same Greenland jurisdiction, sharing political, regulatory, and logistical exposure.
• Aker BP: Norwegian offshore oil and gas producer with significant North Sea and Arctic-relevant operations. Comparable as a peer with direct expertise operating in Arctic-adjacent, cold-climate basins similar to Jameson Land.

Broad incumbents

• ConocoPhillips: US supermajor with historical Arctic exploration interests including Alaska and prior Greenland-license activity. Comparable as a broad incumbent with both Arctic operating experience and prior direct exposure to Greenland frontier licensing cycles.
• Equinor: Norwegian multinational with extensive Arctic and Barents Sea exploration experience. Comparable as a broad incumbent with operational know-how relevant to Greenland's frontier environment, though at vastly larger scale.

Direct peers

• Cairn Energy: UK-listed oil and gas explorer with a long history of offshore exploration in Greenland. Comparable as a frontier-focused, smaller-cap exploration company that has operated in the same broader Greenland region.
• Tullow Oil: UK-listed mid-cap oil and gas explorer with a portfolio of frontier and African exploration assets. Comparable as a small-to-mid-cap, exploration-weighted E&P whose share-price sensitivity to drilling outcomes mirrors Greenland Energy Company's profile.
• 88 Energy: ASX-listed small-cap oil explorer focused on frontier and unconventional plays including Alaska. Comparable as a small-cap, single-asset explorer targeting large but high-risk resource plays in cold-climate, underexplored basins.
• 80 Mile PLC: London-listed exploration company that holds a 30% working interest in the Jameson Land Basin through subsidiary White Flame Energy A/S. Directly comparable as the minority partner on the same Greenland licenses that drive Greenland Energy Company's thesis.

Others

• Halliburton: Global oilfield services major engaged as drilling services partner for the 2026 Greenland campaign. Comparable as the infrastructure/services counterparty whose execution capability materially shapes the combined entity's drilling outcome.
• BP: Global supermajor from which Greenland Energy Company's CFO Ashiq Merchant was recruited. Comparable indirectly as the source of senior leadership pedigree and as a likely strategic acquirer of any commercial Greenland discovery.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/GL_Energy_Co

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pelican Acquisition Corporation