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(Sharecast News) - 80 Mile said on Thursday that the US Securities and Exchange Commission (SEC) has approved the proposed acquisition by Pelican Acquisition Corporation of Greenland Exploration Limited and March GL, clearing the final regulatory hurdle ahead of a shareholder vote and a planned Nasdaq listing under the name Greenland Energy.
The AIM-traded explorer confirmed that Pelican Acquisition, the Nasdaq-listed special purpose acquisition company trading under PELI, had received SEC approval for the transaction.
Subject to shareholder approval, the merged entity was expected to begin trading on Nasdaq as Greenland Energy Company under the ticker GLND in early March.
Under 80 Mile's definitive joint venture agreement, Pelican was entitled to earn up to a 70% working interest in the Jameson hydrocarbon project in East Greenland by funding 100% of the costs of up to two exploration wells, each to a minimum depth of around 3,500 metres.
80 Mile would retain a 30% interest through its wholly owned subsidiary White Flame Energy.
Jameson covers approximately two million acres in the Aileron Province of East Greenland and has previously been explored by major oil companies.
An independent prospective resources report by Sproule ERCE, announced in October, estimated 13.03 billion barrels of gross unrisked recoverable prospective oil resources across the upper levels of the Jameson Basin.
On a fully earned-in basis, that equates to around 3.9 billion barrels net to 80 Mile.
The report identified 58 prospects and leads and highlighted additional potential at depth, including in the Permian base layer.
"With the SEC approval for the transaction between Pelican, GEL and March GL now received, the newly merged group is expected to start trading under the ticker GLND on the Nasdaq," said Rod McIllree, executive director of 80 Mile.
"This approval was the last hurdle prior to a shareholder vote.
"The subsequent start of trading of the newly merged entities shares is anticipated to start immediately thereafter in early March."
Greenland Energy had secured agreements with oilfield service providers including Halliburton for drilling services and logistics, and IPT Well Solutions as project manager.
A 3,500-metre-capable rig was scheduled for mobilisation, with drilling targeted to start in the second half of 2026, subject to regulatory approvals.
At 1323 GMT, shares in 80 Mile were up 8.25% at 1.05p.
Reporting by Josh White for Sharecast.com.