Pelican Acquisition Corporation has signed a definitive merger agreement with Greenland Exploration Limited and March GL Company, creating Greenland Energy Company. The move positions the new entity as the first U.S. public company dedicated to advancing oil and gas development in Greenland’s Jameson Land Basin, a region long considered one of the most promising undrilled hydrocarbon basins in the Arctic.
The Jameson Land Basin, located in East Greenland, has been the subject 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. The company also built the Constable Point Airfield, which remains a critical logistical hub. Internal ARCO reports and subsequent studies estimated recoverable resources in the multi-billion-barrel range, though drilling never took place due to market and corporate factors at the time.
March GL has reprocessed ARCO’s 1,800 kilometers of 2D seismic data using modern techniques, identifying more than 50 potential oil and gas targets. Many of these structures demonstrate strong trapping potential, setting the stage for the basin’s first exploratory well. With existing infrastructure and renewed investment, Greenland Energy aims to accelerate drilling and responsibly evaluate the basin’s resource base.
Field operations are already advancing. The Greenland Government has approved the mobilization of heavy equipment—including bulldozers, trucks, excavators, and generators—to construct a three-mile road to the first drill site. March GL has secured agreements with Halliburton for drilling services and logistics planning, while a leading shipping company will mobilize a 3,500-meter-capable rig. IPT Well Solutions has also been engaged to oversee project management and technical execution.
Executives emphasized the significance of the merger for both Greenland and international energy security. “This transaction marks a watershed moment in bringing Greenland’s vast energy potential to the global stage,” said Larry G. Swets, Jr., CEO of Greenland Exploration.
Robert Price of March GL called Jameson “among the largest undrilled onshore basins of its kind” and stressed that the program is being developed under Greenlandic regulatory oversight with a focus on environmental responsibility.
Pelican CEO Robert Labbe framed the merger as strategically important for the United States and its allies. “This combination represents a landmark opportunity to responsibly connect American capital with one of the world’s most resource-rich and geopolitically strategic regions,” Labbe said. “It creates a platform to responsibly unlock Greenland’s vast potential while supporting 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 positioned to lead one of the most significant oil and gas ventures in the Arctic. If successful, the project could reshape Greenland’s role in global energy markets while providing new avenues for Western energy security.
