Editor’s Note: At the end of this article, it incorrectly stated that Pelican merged with GSE Solutions; that section was referring to Pelican Energy Partners. Pelican Acquisition Corp did not participate in the merger with GSE Solution.

Pelican Acquisition Corporation will purchase Greenland Exploration Limited and March GL Company in a deal valued at up to $215 million, as Greenland seeks to develop natural gas and oil in Greenland’s Jameson Land Basin. 

Following the merger, Pelican will relocate from the Cayman Islands, where the three companies will rebrand as Greenland Energy Company.  

Greenland Energy says it plans to drill the first exploration well in Greenland’s Jameson Land Basin, making it the first U.S. public company that’s focused on developing Greenland’s “vast energy potential,” according to Larry Swets Jr., CEO of Greenland Exploration. 

“Energy is fundamental to economic growth and national development, and responsible resource development in Greenland has the potential to unlock new domestic revenue streams that contribute to greater economic self-reliance,” Robert Price at March GL, said. 

March GL has made over 50 oil and gas targets in the Jameson area and has obtained the rights from 80 Mile and its subsidiary White Flame Energy to own up to 70% of three onshore licenses. 

Additionally, March GL has secured agreements with Halliburton, an oil service company, for its drilling and logistics services, the company said. 

The merger is set to close during the fourth quarter of this year. 

Per the deal, Swets will join the newly formed Greenland Energy Company as executive chairman, and Robert Price as CEO. The rest of the executive management team will include representatives from Greenland Exploration, March GL, and Pelican.