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TotalEnergies and BluEnergies Join Forces in Harper Basin Exploration

In a significant development for the energy sector, BluEnergies Ltd. (TSXV: BLU) proudly announced its successful agreement with TotalEnergies SE (NYSE: TTE) for a joint study and application aimed at exploring the deepwater prospects in the Harper Basin off the coast of Liberia. This collaboration comes as the West African Transform Margin, home to the Harper Basin, is actively being explored and developed in various regions across the globe.

Overview of the Joint Study and Application Agreement (JSAA)

The primary objective of this Joint Study and Application Agreement (JSAA) is to further harness the prospective potential of the Harper Basin blocks, specifically LB-26, LB-30, and LB-31. As part of the agreement, both companies intend to target the identification of economically viable drilling prospects. Subsequently, they plan to apply for one or more production sharing contracts covering the identified blocks. An immediate joint budget has been committed for executing a work program over the next 18 months, which will include cutting-edge seismic reprocessing and seabed data collection. This thorough approach aims to accurately assess potential hydrocarbon prospects while mitigating associated risks.

Key Components of the Work Program

1. Seismic Reprocessing: TotalEnergies has engaged TGS ASA (Oslo), a leading provider of advanced energy sector data, to reprocess approximately 6,167 km² of original 3D seismic data collected in 2013. This dataset covers the majority of the targeted blocks and the program commenced on November 28, 2025.
2. Seabed Data Acquisition: The initiative includes the acquisition of new offshore seabed data involving multi-beam/retroreflection heat flow studies along with post-data interpretation studies to help in further evaluating the basin’s hydrocarbon potential.

Licensing Agreement with the Liberian Petroleum Authority

To support the JSAA, both BluEnergies and TotalEnergies have signed a new Recognition License, LPRA-003 (RL-003), with Liberia’s Petroleum Regulatory Authority. This license encompasses contiguous blocks covering an area of approximately 8,924 km². Notable details from the RL-003 include:

• - BluEnergies holds a 35% stake, while TotalEnergies owns 65%.
• - Both companies must implement a work program with advanced 3D reprocessing and new seabed data acquisition.
• - The license remains valid until June 30, 2027, and replaces the previous LPRA-002 license held by BluEnergies.
• - Recognized expenses under RL-003 and RL-002 can be recoverable under any future production-sharing contracts associated with the blocks.

Historical Context and Future Actions

Back in October 2024, under its wholly-owned RL-002 license, BluEnergies acquired a seismic study license from TGS covering the same blocks. Following comprehensive interpretation of this data, the company identified seven large-scale discrete deep-water fans from the Cretaceous age. In the first quarter of 2025, BluEnergies engaged in confidential negotiations with various deep-water operators, ultimately entering into an exclusive relationship with TotalEnergies in July 2025 and successfully finalizing the JSAA later that year.

About BluEnergies Ltd.

BluEnergies Ltd. is an international Canadian company focused on the exploration and development of oil and gas, particularly in West Africa. For more information about BluEnergies Ltd. and its operations, please visit www.blu-energies.com.

Conclusion

This partnership marks a pivotal moment for both companies, underscoring the importance of collaboration in navigating the complexities of energy exploration and development at deepwater sites. With both companies committed to responsible and innovative practices, the exploration of the Harper Basin is set to advance the energy landscape in Liberia significantly.