Pelican merger values 80 Mile’s Jameson oil stake at $92 million

LONDON - Pelican Acquisition Corporation (NASDAQ:PELI) has announced a definitive merger agreement with Greenland Exploration Limited (GEL), valuing 80 Mile PLC’s (AIM:MILE) 30% stake in the Jameson liquid hydrocarbon project in Greenland at approximately $92 million.

According to a press release statement issued Wednesday, the transaction values GEL’s parent company March GL at $215 million, excluding $86 million in expected post-transaction cash. Following the merger, the company will be renamed Greenland Energy Company and is expected to trade on Nasdaq under the ticker GLND.

Under an agreement announced in April 2025, March GL will fund 100% of costs for up to two exploration wells in the Jameson Basin, each with a minimum depth of 3,500 meters, to earn up to 70% interest in the three licenses covering the area. 80 Mile will retain its 30% interest through its subsidiary White Flame Energy A/S.

The combined entity will have an implied equity value of approximately $337 million, based on $10.00 per share, with the transaction expected to close in the fourth quarter of 2025. Roderick McIllree, Executive Director of 80 Mile, will join the Pelican board as an executive director.

March GL has secured agreements with Halliburton for drilling services and logistics planning, and has retained IPT Well Solutions as project manager. The Greenland Government has granted approval for sealift of support equipment, with current activity focused on heavy equipment mobilization.

The Jameson Basin has seen more than $275 million in historic expenditure and investment by global majors, including ARCO. The project remains subject to ongoing regulatory approvals from Greenlandic authorities.

Directors of 80 Mile, including Roderick McIlree, Eric Sondergaard, and Troy Whittaker, are shareholders of March GL.

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