Pelican Acquisition management discussed a planned merger with Greenland Energy, saying the transaction is expected to close after a shareholder vote next week if approved. Executive Chairman Larry Swets said he has sponsored more than 10 SPACs and helped connect Greenland Energy with Pelican for the deal. Greenland Energy executive Robert Price said the company plans to drill two wells starting in September and aims to complete both by year-end. Price said ARCO previously spent about USD 275 million on infrastructure and seismic work for Jameson Land but did not drill. Price said Greenland Energy negotiated a net profits royalty structure under which Greenland would receive up to 15% of net profits.

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