Mr. Craig Steinke reports

BLUENERGIES SECURES TOP BID IN GULF OF AMERICA LEASE SALE, ENGAGES INDEPENDENT HOUSTON FIRM FOR RESERVE EVALUATION

Bluenergies Ltd. was the successful top bidder in the Bureau of Ocean Energy Management's (BOEM) March 11, 2026, lease sale for federal waters in the Gulf of America. The company secured a 100-per-cent working interest in the SS-59 block, a 5,000-acre lease block under a five-year term located in shallow water -- less than 20 feet of water -- in the promising Crown Royal prospect.

SS-59 was bid through the company's agent, Focus Exploration LLC, based in Houston, Tex. Signing of the official lease provided by the BOEM is expected to occur in the next several weeks.

The Crown Royal play is located offshore Louisiana straddling two 5,000-acre blocks, Bluenergies's SS-59 block and SS-52 contiguous to the north of SS-59. The primary geological play is a channel levee complex which contains five objective sand intervals between 11,600 feet and 17,180 feet. This channel levee complex was drilled by Texaco in 1987 (Texaco No. 1) on the southern edge of block SS-52 offsetting the northern border of block SS-59. Based on information publicly available from the BOEM database, the well proved oil and gas/condensate bearing reservoir quality sands in five intervals and successfully flow tested sands at two of the five intervals at a test rate of 1,398 barrels of oil per day of light oil and 5.54 million cubic feet of gas per day. Both zones are over pressured.

The Crown Royal play was originally drilled by Texaco (Texaco No. 1) in 1987 amid low commodity prices ($20 per barrel oil and $2.00 per 1,000 cubic feet gas) that along with poor quality of existing 2-D seismic data, the operator was unable to quantify reservoir size and elected not to complete the discovery. Subsequently, several 3-D seismic surveys have been acquired over the area, allowing for a fully integrated evaluation of this amplitude-based play. Bluenergies's management firmly believes, due to current commodity prices and existing production infrastructure, now within 10 miles, allows for profitable, cost-effective and efficient development of these reservoirs.

To advance the project, Bluenergies has engaged a third party engineering firm based in Houston, Tex., to conduct an independent valuation of the Crown Royal (SS-59) oil and gas reserves. The assessment will contribute to future drilling and development plans and provide a clear picture of the Crown Royal prospects' full-scale economics.

Craig Steinke, Bluenergies' chief executive officer, stated: "The new 5,000-acre lease (SS-59), encompassing approximately 50 per cent of the Crown Royal prospect, represents untapped value in today's market. The block highly complements BLU's high-potential basin floor fan play, currently being explored jointly with TotalEnergies in the Harper basin, offshore Liberia. Together, these assets provide significant balance to BLU's risk-reward profile pairing shallow water, low-risk drilling opportunities with high-impact deepwater upside."

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.