#N/A #TotalEnergies #Liberia #BluEnergies #Harper Basin

TotalEnergies and BluEnergies Team Up for Exploration in Liberia

TotalEnergies SE (NYSE: TTE) has partnered with BluEnergies Ltd. (TSXV: BLU) to enhance their exploration efforts in the Harper Basin, located off the coast of Liberia. This partnership marks a significant step forward in the evaluation of hydrocarbon potential in this promising region of West Africa.

Highlights of the Agreement

The Joint Study and Application Agreement (JSAA) between BluEnergies and TotalEnergies is designed to further explore and develop hydrocarbon prospects within specific blocks: LB-26, LB-30, and LB-31. As part of the agreement, both companies plan to apply for one or more Production Sharing Contracts (PSCs) contingent upon the discovery of economically viable drilling prospects. The immediate work program, which has been funded and started, focuses on advanced seismic reprocessing and seabed data acquisition to improve the accuracy of reservoir characterization and assess hydrocarbon potential.

The work program consists of two main components:
1. Reprocessing of Existing Seismic Data: The initial step involves reprocessing an expansive 6,167 square kilometers (~1.5 million acres) of 3D seismic data initially gathered in 2013 by TGS ASA, a leader in providing energy sector data. This reprocessing effort began on November 28, 2025, with hopes of uncovering clearer insights into the geological features of the area.
2. Seabed Data Acquisition: The program also includes acquiring new seabed data off the coast, utilizing methodologies such as multibeam/backscatter, heat flow studies, and subsequent data interpretation. This information is crucial for minimizing risks associated with hydrocarbon exploration.

New Exploration License in Liberia

In conjunction with the JSAA, BluEnergies and TotalEnergies secured a new exploration license (LPRA-003, otherwise known as RL-003) from the Liberia Petroleum Regulatory Authority (LPRA). This license encompasses an area of 8,924 square kilometers (~ 2.2 million acres) and includes key provisions that

• - Afford BluEnergies a 35% stake and TotalEnergies a 65% stake in the license;
• - Mandate both companies to conduct a sophisticated work program that includes advanced seismic reprocessing and seabed data acquisition;
• - Extend the license until June 30, 2027, replacing the previous LPRA-002 license held by BluEnergies.

Utilization of the expenditures made under both RL-003 and the previous RL-002 will be chargeable against future Production Sharing Contracts for the blocks. BluEnergies reported a total expenditure of $1,862,000 (approximately $2,570,000 CAD) under the RL-002 work program, which included minimum required expenditures of $1,600,000.

Background of the Partnership

In October 2024, under RL-002, BluEnergies acquired a review license for the 3D seismic study over the 6,167 square kilometer blocks from TGS, which set the stage for their current collaboration. Following a comprehensive evaluation of this data, BluEnergies identified seven large, discrete sedimentary fans from the Cretaceous period. In early 2025, the company entered into discussions with various deepwater operators under confidentiality agreements. BluEnergies ultimately established an exclusive relationship with TotalEnergies in July 2025, culminating in the signing of a non-binding Letter of Intent on October 8, 2025, which led to the successful conclusion of the JSAA.

About BluEnergies Ltd.

BluEnergies Ltd. is an international oil and gas exploration and production company based in Canada, focusing primarily on operations in West Africa. More information can be found on their website www.blu-energies.com.

Looking Forward

The information presented here contains forward-looking statements as per applicable security laws. These statements involve terms such as ‘intend,’ ‘believe,’ ‘estimate,’ ‘expect,’ ‘can,’ ‘will’ and other expressions that refer to future periods. While BluEnergies, backed by its experienced leadership, believes its expectations to be reasonable, actual results may vary significantly due to various risks and uncertainties which are discussed in the Canadian Global Energy Corp’s management information circular available on their profile on the SEDAR+ website (www.sedarplus.ca).

In summary, these developments represent an exciting time for both BluEnergies and TotalEnergies as they aim to unlock the hydrocarbon potential of Liberia's Harper Basin, showcasing international cooperation in the energy sector.