Greenland Energy Forms to Advance Arctic Oil & Gas Exploration
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Pelican Acquisition Corporation has merged with Greenland Exploration Limited and March GL Company, forming Greenland Energy Company, a U.S.-listed entity focused on developing the Jameson Land Basin in East Greenland—one of the Arctic's most promising undrilled hydrocarbon regions.
Unlocking Untapped Resources
The Jameson Land Basin has attracted exploration interest for decades. In the 1980s, ARCO invested over $275 million in seismic surveys, mapping, and sampling, and built the Constable Point Airfield for operations. Internal and subsequent studies suggested recoverable resources in the multi-billion-barrel range, although drilling never took place.
March GL has reprocessed 1,800 kilometers of 2D seismic data, identifying more than 50 potential oil and gas targets with strong trapping potential. Greenland Energy aims to leverage this dataset and existing infrastructure for the basin's first exploratory wells.
Field Operations and Partnerships
Preparations are advancing with Greenland authorities approving mobilization of heavy equipment to build a three-mile access road. Halliburton will provide drilling and logistics support, a shipping company will deploy a 3,500-meter-capable rig, and IPT Well Solutions will oversee technical execution.
Greenland Energy holds rights to up to 70% of three onshore licenses covering over two million acres, positioning it for one of the Arctic's largest oil and gas ventures. Executives emphasize regulatory compliance and environmental responsibility.
Larry G. Swets, Jr., CEO of Greenland Exploration, stated, “This merger unlocks Greenland's substantial energy potential for global markets.” Robert Price of March GL noted that Jameson is “one of the largest undrilled onshore basins of its kind,” offering a rare Arctic exploration opportunity.
With modern geophysical data, infrastructure, and renewed investment, Greenland Energy is set to accelerate exploration, offering potential returns for investors while responsibly evaluating Arctic resources.
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