80 Mile PLC saw its share price surge 145% after announcing that Pelican Acquisition Corporation has entered into a Definitive Merger Agreement with Greenland Exploration Limited (GEL).
The deal values 80 Mile’s 30% stake in the Jameson liquid hydrocarbon project at approximately US$92 million. Overall, the transaction places a US$215 million valuation on GEL, excluding an expected US$86 million in cash following the merger.
Once completed, the merger will create a combined entity with an implied equity value of around US$337 million, based on a share price of US$10.00 per share.
The newly formed company, Greenland Energy Company, is expected to begin trading on Nasdaq under the ticker GLND in the fourth quarter of 2025, marking a significant milestone for both 80 Mile and Greenland Exploration.
Highlights
· Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with GEL and March GL
· Company to be Renamed Greenland Energy Company, Ticker GNLD Reserved
· Pelican currently trades under PELI on NASDAQ
· $215 Million Implied Valuation for 70% ownership excluding cash
80 Mile Director Hails Greenland Energy Merger as “Transformational” for Jameson Project
Roderick McIllree, Executive Director and founder of the White Flame concessions in Greenland, has praised the landmark merger between Pelican Acquisition Corporation and Greenland Exploration Limited (GEL), describing it as a pivotal moment for the Jameson liquid hydrocarbon project and future exploration opportunities in the region.
Speaking on the agreement, McIllree said:
“It is with great pride that we now move into the next phase of development for this project. Increased global interest, along with Greenland being recognised by various political leaders as ‘the most valuable piece of land on earth, both strategically and economically,’ places us in a perfect position to reap substantial rewards – not only from Jameson but potentially from our Disko prospects as well.”
He highlighted the extensive effort behind the deal, which involved financiers, international legal experts, oil industry specialists, and company leadership, creating what he described as “one big machine aligned to prove the existence of one of the world’s last great untapped oil occurrences.”
McIllree also noted that 80 Mile will receive a 30% free carry in two 3,500-metre drill holes, underscoring the scale of the exploration campaign.
“Our partners’ independent assessments of Jameson are, in my opinion, far more accurate than the overly cautious valuations seen from certain UK-based advisers. This project is world-class in scale and backed by a deep history of high-quality exploration data pointing to potentially globally significant oil reserves,” he added.
The Jameson Basin has already seen more than US$275 million in historical investment from major global oil companies, including ARCO, with independent U.S.-based estimates suggesting up to 40 billion barrels of oil equivalent across the concession.
McIllree emphasised that the merger secures both technical and financial strength, with 80 Mile’s 30% stake valued at US$92 million as part of the agreement.
“The calibre of our new partners and their deep financial backing underscore the strategic significance of the Jameson project,” he said. “This transaction validates the enormous potential here and positions us for success on a truly global scale.”
The merger will create Greenland Energy Company, which is expected to begin trading on Nasdaq under the ticker GLND in Q4 2025. Directors of 80 Mile, including Roderick McIllree, Eric Sondergaard, and Troy Whittaker, are all shareholders of March GL, the holding company involved in the transaction.
