Greenland Energy Appoints Former BP Executive as CFO to Drive Public Transition

Ashiq Merchant brings 25 years of multinational finance experience to support Greenland Energy's ambitious 2026 operational goals

Mar. 13, 2026 at 1:14pm

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Greenland Energy Company ('Greenland') has appointed Ashiq Merchant, a former BP executive with over 25 years of senior multinational financial leadership experience, as its new Chief Financial Officer. Merchant will oversee all financial operations and reporting, capital markets activities, governance, regulatory compliance, capital allocation and strategy as Greenland transitions into a publicly traded company following its proposed business combination with Pelican Acquisition Corporation.

Why it matters

Merchant's appointment comes at a pivotal moment for Greenland as it seeks to unlock the potential of the Jameson Land Basin in Greenland and deliver long-term value to shareholders. His extensive experience in the oil and gas industry, including roles across upstream and downstream businesses in multiple international jurisdictions, will be crucial in establishing the financial discipline and strategy required to fund Greenland's 2026 exploratory drilling program and support the company's ambitious operational goals.

The details

In his new role, Merchant will play a critical part in executing the financial strategy required to develop Greenland's world-class Arctic assets. He will be responsible for overseeing financial reporting, capital allocation, joint-venture financial oversight, and complex strategic transactions and restructurings as the company transitions to the public markets.

  • The business combination with Pelican Acquisition Corporation is expected to close following the March 17, 2026 Extraordinary General Meeting of Shareholders.
  • Greenland Energy is planning an exploratory drilling program in the Jameson Land Basin in 2026.

The players

Greenland Energy Company

A Texas-based entity focused on developing strategic positions in North American energy assets, including the Jameson Land Basin in Greenland.

Pelican Acquisition Corporation

A blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Ashiq Merchant

The new Chief Financial Officer of Greenland Energy, with over 25 years of senior multinational financial leadership experience at BP across upstream and downstream businesses in multiple international jurisdictions.

Robert Price

The incoming CEO of Greenland Energy.

March GL Company

A privately-owned Texas Corporation that has entered an agreement with 80 Mile to fund exploration and drilling in the Jameson Land Basin in Greenland.

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What they’re saying

“Unlocking a world-class frontier requires world-class financial discipline. Ashiq brings exactly the kind of rigorous financial leadership we need as we transition into a publicly traded company. His experience will be invaluable as we optimize our capital structure to fund our 2026 exploratory drilling program and deliver long-term value to our shareholders.”

— Robert Price, Incoming CEO of Greenland Energy (Globe Newswire)

“I am thrilled to join Greenland Energy at such a transformative inflection point. The company presents a unique value proposition: a world-class asset with the resource potential to impact global energy security. I look forward to working with Robert, the Board, and our partners to build a strong financial foundation that supports our ambitious 2026 operational goals.”

— Ashiq Merchant, Chief Financial Officer of Greenland Energy (Globe Newswire)

What’s next

The business combination with Pelican Acquisition Corporation is expected to close following the March 17, 2026 Extraordinary General Meeting of Shareholders, at which point the combined company will trade on the Nasdaq under the ticker symbol 'GLND'.

The takeaway

Greenland Energy's appointment of a seasoned finance executive like Ashiq Merchant as CFO signals the company's commitment to establishing the rigorous financial discipline and strategic capital allocation required to responsibly develop its world-class Arctic energy assets and deliver long-term value to shareholders as it transitions to the public markets.