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

Executive Summary

• BluEnergies Ltd. was the successful top bidder in BOEM’s March 11, 2026 Gulf of America lease sale, securing a 100% working interest in the 5,000‑acre SS‑59 block for a five‑year term.
• The SS‑59 lease sits within the Crown Royal prospect, which historically demonstrated oil and gas flow rates of ~1,398 bbl/d of light oil and 5.54 MMcf/d of gas from two tested intervals.
• BluEnergies has engaged an independent Houston‑based engineering firm to value the reserves on SS‑59, supporting future drilling and development plans.

Key Details

• Lease Win: Top bid for BOEM’s March 11, 2026 lease sale; 5,000‑acre SS‑59 block, shallow water (<20 ft), 5‑year term, 100% working interest.
• Location & Geology: Part of the Crown Royal play offshore Louisiana; adjacent to SS‑52 block; primary target is a channel‑levee complex with five sand intervals between 11,600 ft and 17,180 ft depth.
• Historical Production Data (Analogous): Texaco #1 well (1987) flow‑tested two of the five intervals at ~1,398 bbl/d oil and 5.54 MMcf/d gas; both zones over‑pressured.
• Reserve Evaluation: Independent engineering firm (Houston, TX) engaged to conduct a full reserve valuation for SS‑59; results will inform drilling schedule and economic modeling.
• Strategic Fit: Adds ~50% of the Crown Royal prospect to BluEnergies’ portfolio, complementing its existing shallow‑water basin‑floor fan play in the Harper Basin (offshore Liberia) being explored with TotalEnergies.
• Management Comment: CEO Craig Steinke highlighted the “untapped value” of SS‑59 in today’s market and its role in balancing low‑risk shallow water opportunities with deep‑water upside.

Notable Quotes

“The new 5,000‑acre lease (SS‑59), encompassing approximately 50 % of the Crown Royal prospect, represents untapped value in today's market… Together, these assets provide significant balance to BLU's risk‑reward profile pairing shallow water, low risk drilling opportunities with high impact deepwater upside.” – Craig Steinke, CEO