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

Executive Summary

• BluEnergies Ltd. entered into a joint study and application agreement (JSAA) with TotalEnergies SE’s Liberian upstream subsidiary to evaluate the deep‑water fan play in the Harper Basin, offshore Liberia.
• The parties committed to an 18‑month work program that includes re‑processing of ~6,167 km² of 3‑D seismic data and acquisition of new sea‑bottom geophysical data.
• A new Liberian Reconnaissance License (RL‑003) was issued, giving BluEnergies a 35 % interest and TotalEnergies a 65 % interest in the licensed area covering ~8,924 km²; expenditures under the license are recoverable under any future production‑sharing contracts.

Key Details

• Agreement Scope: JSAA covers Blocks LB‑26, LB‑30 and LB‑31 (total area ≈ 8,924 km²).
• Work Program (18 months):
• Re‑processing of 6,167 km² (~1.5 million acres) of original 3‑D seismic data acquired by TGS in 2013; work started Nov 28 2025.
• New offshore sea‑bottom data acquisition – multi‑beam/backscatter, heat‑flow survey and subsequent interpretation.
• License Structure (RL‑003):
• BluEnergies: 35 % participating interest.
• TotalEnergies: 65 % participating interest.
• Term until June 30 2027; replaces prior Reconnaissance License RL‑002.
• Financial Commitment:
• Minimum required expenditure under RL‑002 was US$1,600,000; BluEnergies actually spent US$1,862,000 (CA$2,570,000).
• Future reconnaissance expenditures under RL‑003 will be recoverable under any production‑sharing contracts that may be awarded.
• Strategic Intent: Upon identification of economically viable drillable prospects, the parties intend to apply for one or more Production Sharing Contracts covering the Blocks.
• Background Highlights:
• October 2024 – BluEnergies held 100 % of RL‑002 and acquired a review license from TGS for the same seismic dataset.
• Q1 2025 – Negotiations with multiple deep‑water operators; exclusive relationship with TotalEnergies formalized in July 2025, followed by a non‑binding MOU (Oct 8 2025) leading to the JSAA.

Notable Quotes

• “The partnership with TotalEnergies leverages world‑class expertise and data assets to unlock the significant hydrocarbon potential of the Harper Basin,” – Craig Steinke, CEO, BluEnergies Ltd.