Dear Valued Shareholders,
As we reach the midpoint of 2026, I am pleased to provide an update on our progress over the past six months. Since completing our business combination and commencing trading on NASDAQ in late March 2026, we have made progress towards the goal of positioning the Company as a leader in frontier oil exploration in Greenland's Jameson Land Basin.
Key Accomplishments (March–May 2026)
- Successful NASDAQ Listing and Capital Raise: We completed our business combination with Pelican Acquisition Corporation and related entities, transitioning to public trading under the ticker: GLND. Shortly thereafter, we closed a public offering that raised approximately $70 million in gross proceeds. These funds are directly supporting our exploration program, including procurement of long-lead items and field operations.
- Strategic Partnerships for Execution: We secured key agreements with industry leaders:
- A five-year drilling agreement with Stampede Drilling for Rig #12, a rig equipped for Arctic conditions, to support our 2026 campaign.
- An agreement with Halliburton (NYSE:HAL) for integrated consulting, logistics, and comprehensive well and drilling services.
- Collaboration with IPT Well Solutions and other service providers to support our drilling and completion activities.
- Operational Mobilization: We advanced field readiness in East Greenland, including approvals for mobilizing heavy equipment (bulldozers, trucks, excavators, generators, and housing). We also progressed procurement, infrastructure planning, and logistics for our onshore program.
- Enhanced Visibility and Strategy: We rang the Nasdaq Opening Bell in early April, highlighting our Arctic opportunity. We released an updated investor presentation detailing our strategy, partnerships, and potential.
These steps have strengthened our foundation as an early-stage oil and gas exploration company focused on responsibly exploring the Jameson Land Basin's hydrocarbon potential.
Future Milestones and Outlook
Looking ahead, we remain focused on executing our exploration program. Key upcoming milestones include:
- Meeting with the community in Ittoqqortoormiit as part of the process of community engagement and feedback this week
- Procurement and Field Readiness: Continued advancement of casing, tubing, mill capacity for long-lead materials, road/pad construction planning, and equipment mobilization throughout 2026.
- Drilling Campaign: Targeting the commencement of our first modern onshore drilling operations in the October 2026 window, beginning with the OPW-1 and OPW-6 exploration wells (approximately 3,500 meters each). Successful completion of these wells would allow us to earn up to a 70% working interest in the license area.
- Resource Potential: We are targeting multiple large structures in a basin with independent estimates of up to ~13.0 billion barrels of gross un-risked prospective oil resources, supported by historical seismic data and over $275 million in prior industry investment (inflation-adjusted).
Our team is focused on disciplined capital allocation, environmental stewardship, and seeking to create long-term shareholder value through responsible resource exploration in a strategically important region. appreciate your continued support and confidence in Greenland Energy Company. We look forward to sharing further updates as we progress toward our drilling objectives.
Sincerely,
Robert Price
Chief Executive Officer