SEC Approval for Greenland Oil Transaction

Pelican Acquisition Corp (NASDAQ.PELI) Granted SEC Approval for Greenland Oil Transaction. Newly Merged Entity to be Called Greenland Energy (NASDAQ.GLND)

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, confirms that the SEC has approved the proposed acquisition by Pelican Acquisition Corporation ("PELI.NAS") or ("Pelican"), the NASDAQ-listed special purpose acquisition company, of Greenland Exploration Limited ("GEL"), and March GL ("March GL"), and, subject only to shareholder approval, is now set to start trading on NASDAQ as Greenland Energy Company under the ticker "GLND".

Under the terms of 80 Mile's definitive joint venture agreement, PELI is entitled to earn up to a 70% working interest in Jameson by funding 100% of the costs associated with up to two exploration wells, each to a minimum depth of approximately 3,500 metres. 80 Mile will retain a 30% interest in Jameson through its wholly owned subsidiary White Flame Energy A/S.

Jameson comprises approximately two million acres in East Greenland and has been the subject of extensive historical exploration by major oil companies. As previously disclosed by the Company on 29 October 2025, an independent prospective resources report prepared by Sproule ERCE estimated 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin, equating to approximately 3.9 billion barrels (P10) net to 80 Mile. GLND, the Company's JV partner has secured executed agreements with leading oilfield service providers and has mobilised heavy equipment to East Greenland in preparation for drilling in H2 2026, subject to regulatory approvals.

Rod McIllree, Executive Director of 80 Mile, commented:

"With the SEC approval for the transaction between Pelican, GEL and March GL now received, the newly merged group are expected to start trading under the ticker GLND on the NASDAQ. 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."

About the Jameson Hydrocarbon Project

The Jameson Land Basin is one of, if not the last, highly prospective, yet completely undrilled basins globally, but with a clear genetic link to the North Sea as well as a scale similar to many of the world's major producing regions. This claim is not without foundation, 80M and GLND will leverage its acquisition off a comprehensive body of work conducted by US Atlantic Richfield Company ("ARCO") between 1970 and 1990 when more than US$100m was invested (1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid hydrocarbon targets.

• Report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally
• First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL (now GLND) entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, GLND will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson Basin.

Preparations for drilling are ongoing, with Halliburton contracted to provide drilling services and logistics support, and IPT Well Solutions appointed as project manager. Mobilisation of a 3,500-metre-capable rig is now scheduled with shipping and logistics agreements already executed with leading service providers.

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