Pelican Acquisition management discussed a planned drilling program in Greenland’s Jameson Land Basin during an interview, with Robert Price saying the company expects to drill two wells this year and that each well would take about 30 days. Price said equipment is expected to be staged in Montreal by August and deployed to Greenland in late summer. He said the company’s estimated breakeven cost is about USD 25 per barrel and cited an independent estimate of up to 13 billion barrels of oil in half the basin. Larry Swets said the company expects the transaction to close within 1 to 2 days after the shareholder vote and that the ticker change to GLND is expected shortly after closing. Swets also said exploration rights are valued around USD 215 million and that valuation could reach USD 1 billion or more after two successful wells.

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