**Summary**
The SEC has approved the acquisition of Greenland Exploration Limited (GEL) and March GL by Pelican Acquisition Corporation (NASDAQ: PELI), a special purpose acquisition company. The newly merged entity will be called Greenland Energy (NASDAQ: GLND). This approval paves the way for the combined company to start trading on NASDAQ in early March, pending shareholder approval.
80 Mile PLC, an exploration and development company with projects in Greenland, Finland, and Italy, holds a 30% interest in the Jameson hydrocarbon project in East Greenland through its subsidiary White Flame Energy A/S. Pelican (now GLND) can earn up to 70% by funding two exploration wells to a depth of 3,500 meters.
An independent report by Sproule ERCE estimates Jameson holds 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources, with 80 Miles share equating to approximately 3.9 billion barrels.
Preparations for drilling are underway, with Halliburton providing services and IPT Well Solutions managing the project. Drilling is scheduled for the second half of 2026.
80 Mile PLC also highlights its other projects: the Disko-Nuussuaq copper-nickel project in West Greenland, the Dundas high-grade ilmenite project in northwest Greenland, and an industrial gas and biofuels business in Italy.
The company emphasizes its focus on portfolio and commodity diversification, strategic partnerships, and advancing key projects.