VANCOUVER, BC — January 15, 2026 — Leads & Copy — BluEnergies Ltd. (TSXV: BLU) has entered into a joint study and application agreement (JSAA) with TotalEnergies SE (NYSE: TTE) to explore the prospectivity of BluEnergies’ deep water fan play in the Harper Basin, offshore Liberia.
The JSAA between BluEnergies and TotalEnergies aims to unlock the potential of the Harper Basin blocks by establishing prospects within LB-26, LB-30, and LB-31. The companies intend to apply for production sharing contracts covering the blocks if economically viable drillable prospects are identified.
A budget has been jointly committed for a work program over the next 18 months. The program will involve seismic reprocessing and the acquisition of sea bottom data to evaluate the hydrocarbon potential. Specifics of the work include:
(a) TGS ASA will reprocess 6,167 km² of 3-D seismic data, originally acquired in 2013, covering the majority of the Blocks. This program began November 28, 2025; and
(b) New offshore sea bottom data acquisition including multi-beam/backscatter, heat flow survey and subsequent data studies and interpretation.
To support the JSAA, the Liberian subsidiaries of BluEnergies and TotalEnergies have entered into a new Reconnaissance License LPRA-003 (RL-003) with the Liberia Petroleum Regulatory Authority (LPRA) covering the contiguous Blocks, an area of 8,924 km².
Key provisions of RL-003 include:
BluEnergies has a 35% participating interest and TotalEnergies has a 65% participating interest.
BluEnergies and TotalEnergies are required to conduct a work program including 3-D reprocessing and sea bottom new data acquisition.
The term of RL-003 continues up to June 30, 2027, replacing BluEnergies’ existing Reconnaissance License LPRA-002 (RL-002).
Reconnaissance expenditures under RL-003 and RL-002 are recoverable under any future production sharing contracts covering the Blocks. Under the RL-002 work program, BluEnergies spent US$1,862,000 (CA$2,570,000), exceeding the minimum expenditure of US$1,600,000.
In October 2024, BluEnergies acquired a review license from TGS of the 6,167 km2 3-D seismic survey under RL-002, held 100% by BluEnergies. The company delineated seven large scale discrete Cretaceous aged basin floor fans.
Negotiations with deepwater operators began in Q1 2025, and BluEnergies entered into an exclusive relationship with TotalEnergies in July 2025, leading to a non-binding memorandum of understanding on October 8, 2025. This resulted in the JSAA with TotalEnergies under the new RL–003.
BluEnergies Ltd. is a Canadian-based international oil and gas exploration and development company focused on operations in West Africa.
Source: BluEnergies Ltd.
