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

Core Viewpoint - BluEnergies Ltd. has entered into a joint study and application agreement with TotalEnergies SE to explore the Harper Basin's deep water fan play offshore Liberia, aiming to unlock its prospective potential [1][2]. Group 1: Joint Study and Application Agreement (JSAA) - The JSAA aims to establish economically viable drillable prospects within blocks LB-26, LB-30, and LB-31, with plans to apply for production sharing contracts [2]. - A budget has been committed for an 18-month work program that includes advanced seismic reprocessing and sea bottom data acquisition to evaluate hydrocarbon potential [2][6]. Group 2: New Reconnaissance License - A new Reconnaissance License LPRA-003 has been established, covering 8,924 km² (~2.2 million acres) of contiguous blocks [3]. - The license replaces the previous RL-002 and allows for recoverable reconnaissance expenditures under future production sharing contracts [6]. Group 3: Financial Commitments and Historical Context - Under RL-002, the company spent US$1,862,000 (CA$2,570,000) against a minimum expenditure requirement of US$1,600,000 [6]. - The company has delineated seven large-scale discrete Cretaceous aged basin floor fans based on a 3-D seismic survey acquired from TGS [3][5].