Pelican Acquisition Corporation (NASDAQ: PELI) and Greenland Energy Secure Critical Arctic Logistics Support; Selects Desgagnés to Mobilize for Jameson Land Basin Drilling

Press Release

Strategic agreement secures specialized vessel capacity to support the first onshore oil exploration program in Greenland in over 50 years

QUEBEC CITY and HOUSTON, Feb. 23, 2026 — The leadership team behind the formation of Greenland Energy Company (“Greenland”) today announced a strategic logistics agreement that had been entered with Desgagnés, a premier Canadian maritime group, to support the transportation of cargo for upcoming drilling operations in the Jameson Land Basin with coordination from and approval by Royal Arctic Line, Greenland’s exclusive license holder for maritime logistics.

This agreement provides the specialized ice-class vessel and arctic beach landing capacity required to mobilize equipment and crews for one of the industry’s most anticipated frontier projects. Desgagnés also provides port services at the Port of Valleyfield, a port specializing in consolidating Arctic projects and handling breakbulk cargo. Desgagnés’ beach-landing services are designed to complement Royal Arctic Line’s essential sealift services and operate within RAL’s national logistics framework. It marks a pivotal operational milestone as the company prepares to unlock a basin with significant oil resource potential.

This agreement was executed by March GL Company, the entity along with Greenland Exploration Ltd. set to merge with Pelican Acquisition Corporation (“Pelican”) (NASDAQ: PELI). Upon closing of the pending business combination, the resulting company – Greenland Energy Company – is expected to list on Nasdaq under the ticker symbol “GLND.”

“Reliable Arctic logistics are the backbone of execution in this region,” said Robert Price, CEO of March GL and incoming CEO of Greenland Energy Company. “We are moving from planning to action. Desgagnés brings the specific high-latitude experience and marine assets necessary to safely transport our drilling infrastructure into the Jameson Land Basin. Working closely with Royal Arctic Line ensures alignment with Greenland’s logistics framework and strengthens overall supply chain resilience. This partnership ensures we have the supply chain resilience to execute our 2026 campaign and deliver on the basin’s world-class potential.”

The collaboration supports the launch of Greenland’s first onshore oil exploration program in more than half a century. Larry Swets, CEO of Greenland Exploration Limited and future Executive Chairman, emphasized the strategic timing: “We are rapidly de-risking this project – not just geologically, but operationally.”

Headquartered in Quebec, Desgagnés operates a modern fleet of ice-class vessels across the Arctic. The partnership underscores a shared commitment to responsible development in sensitive environments. As the national maritime logistics authority and key partner, Royal Arctic Line’s collaboration with Desgagnés on the beach-landing scope supports safe, coordinated execution in Greenland.

“Operating in the Arctic requires deep respect for the region’s population, environment, and its technical complexity,” said Louis-Marie Beaulieu, Chairman of the Board and CEO of Desgagnés. “Our collaboration with the Greenland Energy team reflects a shared commitment to safety and the long-term prosperity of northern communities. We also value our operational alignment and collaboration with Royal Arctic Line to ensure safety, compliance, and complementary capabilities. We are proud to help enable one of the most ambitious energy projects in the world.”

About the Transaction
Greenland Exploration Limited and March GL Company are currently in the process of a business combination with Pelican Acquisition Corporation. The transaction aims to create a publicly traded energy company focused on enhancing global energy security through the responsible development of Greenland’s natural resources.

About Greenland Exploration Limited
Greenland Exploration Limited is a Texas-based entity focused on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market. https://www.linkedin.com/company/greenland-energy-company

About March GL Company
March GL Company, a privately-owned Texas Corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile’s subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager. More information is available on its website www.MarchGL.com.

About Pelican Acquisition Corporation
Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Pelican is not limited to any particular industry or geographic region in identifying prospective targets.

About Royal Arctic Line
Royal Arctic Line (RAL) is Greenland’s state-owned shipping company and the exclusive license holder for maritime transport to, from, and within Greenland. RAL provides essential sealift services that connect Greenlandic communities with international markets and works with partners to ensure safe, compliant logistics for projects across the country. More information: www.ral.gl

About Desgagnés
Desgagnés is a Quebec-based maritime and logistics group operating a modern fleet of ice-class vessels serving the Great Lakes–St. Lawrence corridor, the Canadian Arctic, and international routes. The company provides integrated marine transportation, commercial port operations—including project cargo consolidation at the Ports of Valleyfield and Bécancour—and specialized lifting services through its crane rental division. Desgagnés also maintains long-standing partnerships with Indigenous communities across the Canadian Arctic, supporting sustainable northern supply chains and major industrial projects. With more than 1,200 employees in peak season, Desgagnés is a leading contributor to Canada’s marine and Arctic logistics sectors.

Desgagnés – A driving force in Canadian and international merchant marine operations

Additional Information About the Business Combination and Where to Find It

In connection with the Business Combination, Pelican filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus of Pelican and was declared effective on February 17, 2026. Pelican will mail the definitive proxy statement/prospectus relating to the Business Combination to Pelican’s shareholders as of the respective record dates to be established for voting on the Business Combination. The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of the Pelican shareholders (the “Pelican Shareholder Meeting”). This press release does not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to provide a basis for any investment decision or any other decision in respect of such matters. Pelican, Greenland Exploration Limited, March GL Company, or Greenland may also file other documents with the SEC regarding the Business Combination. Pelican’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including the proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about Pelican, Greenland Exploration Limited, March GL Company, Greenland, and the Business Combination.

Pelican’s shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by Pelican, Greenland Exploration Limited, March GL Company, and Greenland through the website maintained by the SEC at www.sec.gov.

Participants in the Solicitation

Pelican, Greenland Exploration Limited, March GL Company, Greenland, and their respective directors and officers may be deemed participants in the solicitation of proxies of Pelican shareholders in connection with the Business Combination. More detailed information regarding the directors and officers of Pelican, and a description of their interests in Pelican is contained in Pelican’s filings with the SEC, including its Quarterly Report on Form 10-Q for the fiscal quarters ended October 31, 2025, which was filed with the SEC on December 19, 2025, July 31, 2025, which was filed with the SEC on September 15, 2025, April 30, 2025, which was filed with the SEC on June 27, 2025, and the initial business combination offering filed on Form S-1, and effective as of May 22, 2025, which are available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies of Pelican’s shareholders and other interested persons in connection with the Business Combination and other matters to be voted upon at the Pelican Shareholders Meeting will be set forth in the Registration Statement for the Business Combination when available.

Contact

Robert Labbe
Chief Executive Officer
Email: admin@pelicanacq.com
Tel: (212) 612-1400

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