Pelican Acquisition Corporation signed a definitive merger agreement with Greenland Exploration Limited and March GL Company to create Greenland Energy Company. The move positions the new company as the first U.S. public company dedicated to Greenland's Jameson Land Basin oil and gas development, considered for some time now one of the most promising undrilled hydrocarbon basins in the Arctic.
The Jameson Land Basin in East Greenland has been a target of exploration interest for decades. Following its Prudhoe Bay discovery in Alaska, ARCO invested the equivalent of more than $275 million to evaluate Jameson Land through seismic surveys, mapping, and sampling programs. It also built the Constable Point Airfield, which remains an important logistical hub. Internal ARCO follow-up reports and studies estimated recoverable resources in the multi-billion-barrel range, though drilling was never attempted due to market and corporate conditions at the time.
March GL has reprocessed ARCO's 1,800 kilometers of 2D seismic data using new methods and identified more than 50 oil and gas targets. many of these structures have superior trapping potential, opening the way for the basin's first exploration well. With its return on investment and established infrastructure, Greenland Energy stands ready to accelerate drilling and responsibly evaluate the basin's resource base.
Field operations are already in progress. The Greenland Government has approved the mobilization of heavy equipment-bulldozers, trucks, excavators, and generators-to construct a three-mile road to the first drill site. March GL has engaged Halliburton for drilling services and logistics planning, and a world-class shipping company will mobilize a 3,500-meter-capable rig. IPT Well Solutions has also been engaged to control project management and technical execution.
Executives stressed the significance of the merger for Greenland and worldwide energy security. "This transaction is a watershed moment in opening up Greenland's vast energy potential to the world," said Larry G. Swets, Jr., Greenland Exploration CEO.
Robert Price of March GL characterized Jameson as "one of the largest undrilled onshore basins of its kind" and pointed out that the program is being developed under Greenlandic regulatory authority with a focus on environmental responsibility.
Pelican CEO Robert Labbe framed the merger as being of strategic importance to the United States and its allies. "This combination is a landmark opportunity to responsibly connect American capital with one of the world's most resource-rich and geopolitically strategic regions," Labbe said. "It offers a platform to responsibly unlock Greenland's vast potential while underpinning U.S. energy security, economic diversification, and strategic independence."
With rights to own up to 70% of three onshore licenses covering more than two million acres, Greenland Energy is poised to lead one of the biggest oil and gas ventures in the Arctic. The venture, if successful, would redefine Greenland's role in the global energy markets while creating new opportunities for Western energy security.