Halliburton Co. HAL

DENVER, June 9, 2026 /PRNewswire/ -- Greenland Energy Company (NASDAQ: GLND) ("the Company" or "Greenland Energy"), an oil exploration company focused on East Greenland's Jameson Land Basin, today announced via a shareholder letter operational and strategic updates following its recent public listing, including a services agreement with Halliburton and updates on its 2026 exploration program.

Dear Valued Shareholders,

As we reach the midpoint of 2026, I am pleased to provide an update on our progress over the past six months. Since completing our business combination and commencing trading on NASDAQ in late March 2026, we have made progress towards the goal of positioning the Company as a leader in frontier oil exploration in Greenland's Jameson Land Basin.

Key Accomplishments (March–May 2026)

• Successful NASDAQ Listing and Capital Raise: We completed our business combination with Pelican Acquisition Corporation and related entities, transitioning to public trading under the ticker: GLND. Shortly thereafter, we closed a public offering that raised approximately $70 million in gross proceeds. These funds are directly supporting our exploration program, including procurement of long-lead items and field operations.
• Strategic Partnerships for Execution: We secured key agreements with industry leaders:
• A five-year drilling agreement with Stampede Drilling for Rig #12, a rig equipped for Arctic conditions, to support our 2026 campaign.
• An agreement with Halliburton (NYSE: HAL) for integrated consulting, logistics, and comprehensive well and drilling services.
• Collaboration with IPT Well Solutions and other service providers to support our drilling and completion activities.
• Operational Mobilization: We advanced field readiness in East Greenland, including approvals for mobilizing heavy equipment (bulldozers, trucks, excavators, generators, and housing). We also progressed procurement, infrastructure planning, and logistics for our onshore program.
• Enhanced Visibility and Strategy: We rang the Nasdaq Opening Bell in early April, highlighting our Arctic opportunity. We released an updated investor presentation detailing our strategy, partnerships, and potential.

These steps have strengthened our foundation as an early-stage oil and gas exploration company focused on responsibly exploring the Jameson Land Basin's hydrocarbon potential.

Future Milestones and Outlook

Looking ahead, we remain focused on executing our exploration program. Key upcoming milestones include:

• Meeting with the community in Ittoqqortoormiit as part of the process of community engagement and feedback this week
• Procurement and Field Readiness: Continued advancement of casing, tubing, mill capacity for long-lead materials, road/pad construction planning, and equipment mobilization throughout 2026.
• Drilling Campaign: Targeting the commencement of our first modern onshore drilling operations in the October 2026 window, beginning with the OPW-1 and OPW-6 exploration wells (approximately 3,500 meters each). Successful completion of these wells would allow us to earn up to a 70% working interest in the license area.
• Resource Potential: We are targeting multiple large structures in a basin with independent estimates of up to ~13.0 billion barrels of gross un-risked prospective oil resources, supported by historical seismic data and over $275 million in prior industry investment (inflation-adjusted).

Our team is focused on disciplined capital allocation, environmental stewardship, and seeking to create long-term shareholder value through responsible resource exploration in a strategically important region. appreciate your continued support and confidence in Greenland Energy Company. We look forward to sharing further updates as we progress toward our drilling objectives.

Sincerely,
Robert Price
Chief Executive Officer

About Greenland Energy Company

Greenland Energy Company is an exploration-stage oil and gas company focused on responsibly exploring and seeking to develop Greenland's hydrocarbon resources, with an emphasis on the Jameson Land Basin in East Greenland. The Company's primary mission is to unlock the frontier hydrocarbon potential of the Jameson Land Basin, an approximately 2-million-acre onshore licensed area, through the application of modern exploration technologies. The Company is preparing to execute the first modern onshore drilling campaign in the region, currently planned for 2026.

For more information, please visit www.GreenlandEnergyCo.com

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of present or historical fact, including statements regarding Greenland Energy Company's future financial performance, business strategy, operations, financial position, projected costs, prospects, plans, management objectives, expected benefits of the Company's recent business combination, exploration plans, drilling activities, timing, capital needs, financing plans, regulatory approvals, prospective resources, earn-in rights, license matters, strategic partnerships, field-readiness activities, infrastructure mobilization and planned OPW-1 and OPW-6 activities, are forward-looking statements.

Forward-looking statements are generally identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "potential," "predict," "target" or similar expressions, although not all forward-looking statements contain such identifying words. These statements are based on management's current expectations, assumptions and beliefs, are not guarantees of future performance and involve risks and uncertainties, many of which are difficult to predict and beyond the Company's control, that could cause actual results to differ materially.

Factors that could cause actual results to differ materially include, among others, exploration and geological risks, including the Company's development-stage status, limited operating history, lack of revenues or proved reserves, uncertainty in prospective resource estimates, limited seismic data, geological complexity, lack of prior commercial discovery in the basin and high-cost frontier exploration; operational and environmental risks, including remote Arctic operations, extreme weather, limited infrastructure, seasonal access windows, drilling hazards, environmental releases, climate change scrutiny and reliance on third-party contractors; regulatory and political risks, including drilling restrictions, grandfathered license limitations, permitting requirements, geopolitical developments and potential forfeiture of working-interest rights if drilling milestones are not met; and financial and capital risks, including significant capital needs, commodity price volatility, long development timelines, going-concern uncertainty, energy transition risks, public company compliance costs, Nasdaq listing requirements and trading-price volatility. Investors should review the Company's SEC filings, including its Proxy Statement/Prospectus dated February 18, 2026, its most recent Form 10-Q and subsequent filings, for a more complete discussion of risks and uncertainties.

This press release includes references to prospective resources, exploration targets, operational milestones, timing expectations, industry data and other estimates and assumptions, including references to prospective recoverable resources, exploration prospects and planned OPW-1 and OPW-6 activities. Prospective resources are inherently uncertain, have not been confirmed by drilling, do not constitute proved reserves and are not a guarantee of commercial discovery, production, revenue, cash flow or economic return. Industry and third-party data are provided for informational purposes only, and no representation is made as to their accuracy or completeness.

To the extent this press release includes non-GAAP financial measures or financial, operating or technical metrics, such measures are provided for supplemental informational purposes only and should not be considered in isolation from, or as a substitute for, GAAP financial information or the relevant definitions, assumptions and limitations.

This press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy or a recommendation to purchase or sell any securities. Any securities offering, if made, will be made only pursuant to definitive offering documents and applicable securities laws. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

CONTACT: contact@greenlandenergyco.com

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SOURCE Greenland Energy Company