Mentioned:
A new company on the Nasdaq has a bold ambition: to find the next big oil discovery in Greenland.
What’s happening:
- Greenland Energy Company (NASDAQ: GLND) has successfully closed their business combination with Pelican Acquisition Corp and begun trading on the Nasdaq
Why it matters:
- Greenland Energy Company’s flagship asset is the historic Jameson Land Basin located in East Greenland which potentially contains up to 13B barrels of recoverable oil
Going deeper:
- Former American oil giant ARCO previously owned the licenses to explore the Jameson Land Basin and spent approximately $275M USD exploring the project
- Greenland Energy Company has a joint venture with 80 Mile PLC in which Greenland Energy Company can earn up to a 70% working interesting in the Jameson Land Basin by funding all of the costs for two exploration wells to a minimum depth of 3,500 metres
