Mr. Craig Steinke reports

BLUENERGIES AND TOTALENERGIES PROGRESS OPERATIONS, HARPER BASIN, OFFSHORE LIBERIA

Bluenergies Ltd. has provided an operations update on the work program currently being conducted on the blocks LB-26, LB-30 and LB-31 jointly with TotalEnergies in the Harper basin, offshore Liberia.

The work program, designed to confirm and enhance drillable prospects within the blocks, is on schedule and comprises the following operations.

Reprocessing the 6,167 square kilometres of 3-D seismic data

On behalf of Bluenergies and TTE, TGS ASA (Oslo), a leading provider of advanced data in the energy sector, is reprocessing the entire 3-D seismic data set. This important process is on schedule and over 50 per cent complete, with preliminary results to date. The primary goal of the data reprocessing is to enhance the seismic character/definition and the AVO content (direct hydrocarbon indicator) of the original 3-D seismic survey completed by TGS in 2013.

Sea bottom survey: multibeam echo sounder survey, seabed geochemical sampling and heat flow measurements

On behalf of Bluenergies and TTE, GeoPartners Ltd., a London-based international company specialized in providing geophysical and geological services, is conducting within the blocks a multibeam eco sounder survey comprising an area of 4,045 square kilometres in water depths ranging from 500 metres to 3,500 metres. GeoPartners is utilizing the R/V Gyre vessel owned and operated by TDI-Brooks, a Texas-based offshore survey company with more than 30 years of experience providing geotechnical investigations, geochemical seep surveys and marine science worldwide. This data acquisition commenced on June 19, 2026, with expected completion in third quarter 2026 allowing for early integration into a refined 3-D seismic data interpretation.

• The MBES is designed to map underwater terrain, aiding in identifying sea bottom anomalies and supporting the safe selection of future drilling locations. More specifically, the MBES identifies seabed geomorphologies (pockmarks, mud volcanoes and faults) and the presence of anomalous features (carbonates, outcrops and bacterial mats); it also performs water column imaging for the detection of anomalies related to seepage of hydrocarbons through the sea bottom.
• Seabed geochemical sampling is conducted through piston coring to collect evidence of migrated mature hydrocarbons (detection of fluorescent/natural oil compounds, hydrocarbon chromatography and thermogenic origin).
• Heat flow measurements are being performed to collect information about the relative sediment temperature and the thermal history of the undrilled Harper basin.

This project completion is expected by fourth quarter 2026, allowing for the integration of the data into a refined 3-D data reinterpretation of the numerous leads (basin floor fans) within the blocks.

All of these program initiatives are focused on identifying drillable prospects and assisting in the selection of optimal drilling locations.

Sergio Laura, Bluenergies' vice-president of exploration, stated: "The West Africa transform margin, where the Harper basin is located, and its conjugate South American margin are regions where basin floor fan plays are being actively and successfully explored, developed and produced. The recent, hectic activity by major oil companies in securing licences for deepwater acreage along the entire Africa west margin is confirmation that the early move by Bluenergies in the Harper basin (2023) was a valid one. The Jubilee field in Ghana, the Venus field in Namibia and the recent discoveries offshore Cote d'Ivoire have proven the significance of basin floor fan plays along the African margin."

About Bluenergies Ltd.

Bluenergies is a Canadian-based oil and gas exploration and development company focused on offshore West Africa. The company has recently partnered with TotalEnergies to explore its basin floor fan play in blocks LB-26, LB-30 and LB-31 covering an area of approximately 8,924 square kilometres (approximately 2.2 million acres) located in the Harper basin, in the deepwater offshore Liberia. Additionally, the company recently acquired a previously discovered and tested sand channel play offshore Louisiana in the shallow-water Gulf of America.

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