Mr. Craig Steinke reports

TOTALENERGIES PARTNERS WITH BLUENERGIES IN ITS HARPER BASIN FAN PLAY, OFFSHORE LIBERIA

Bluenergies Ltd. has entered into an industry standard joint study and application agreement with the Liberian upstream subsidiary of TotalEnergies SE to further explore the prospectivity of the company's deepwater fan play in the Harper basin, offshore Liberia. The West Africa transform margin, where the Harper basin is located, and its conjugate South American margin are regions where the basin floor fan play is being actively explored, developed and produced.

JSAA highlights

The purpose of the JSAA between Bluenergies and TTE is to further unlock the prospective potential of the Harper basin blocks by establishing prospects within LB-26, LB-30 and LB-31. Subject to establishing economically viable drillable prospects, Bluenergies and TTE intend to apply for one or several production-sharing contracts covering the desirable blocks. An immediate budget has been jointly committed for the execution of a work program during the next 18 months involving state-of-the-art seismic reprocessing for more accurate reservoir imaging and the acquisition of sea bottom data to fully evaluate the prospectivity and derisk the hydrocarbon potential. This work program comprises:

• The reprocessing by TGS ASA (Oslo), a leading provider of advanced data and intelligence in the energy sector, of 6,167 square kilometres (approximately 1.5 million acres) of original 3-D seismic data initially acquired by TGS in 2013, covering the majority of the blocks; this program commenced Nov. 28, 2025; and
• Offshore sea bottom new data acquisition comprising multibeam/backscatter, heat flow survey, and subsequent data studies and interpretation.

New Liberian reconnaissance licence

To support the JSAA between TTE and the company, the Liberian subsidiaries of Bluenergies and TTE have entered into a new reconnaissance licence LPRA-003 with the Liberia Petroleum Regulatory Authority covering these contiguous blocks with an areal extent of 8,924 square kilometres (approximately 2.2 million acres). Key provisions of RL-003 are:

1. Bluenergies has a 35-per-cent participating interest, and TTE has a 65-per-cent participating interest in RL-003.
2. Bluenergies and TTE are required to conduct a work program that includes state-of-the-art 3-D reprocessing and sea bottom new data acquisition.
3. The term of RL-003 continues up to June 30, 2027, with new RL-003 replacing Bluenergies' existing reconnaissance licence LPRA-002.
4. Reconnaissance expenditures under RL-003 and RL-002 would be recoverable under any future production-sharing contracts covering the blocks. Under the RL-002 work program, which required a minimum expenditure of $1.6-million (U.S.), Bluenergies spent $1,862,000 (U.S.) ($2.57-million (Canadian)).

Background

During October, 2024, under RL-002 held 100 per cent by Bluenergies, the company acquired from TGS a review licence of the 6,167-square-kilometre 3-D seismic survey covering a majority of the blocks. As a result of the company's interpretation of the 3-D survey, Bluenergies delineated seven large-scale discrete Cretaceous-aged basin floor fans.

In first quarter 2025, the company entered into negotiations under non-disclosure agreements with numerous deepwater operators. As a result of these broad-based negotiations, Bluenergies accepted an exclusive relationship with TTE in July, 2025, and thereafter entered into a non-binding memorandum of understanding on Oct. 8, 2025. Final negotiations led the company to enter into the JSAA with TTE under the new RL- 003.

About Bluenergies Ltd.

Bluenergies is a Canadian-based international oil and gas exploration and development company with a focus on operations in West Africa.

We seek Safe Harbor.