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

Rhea-AI Summary

BluEnergies (TSXV:BLU) and the Liberian upstream subsidiary of TotalEnergies (NYSE:TTE) entered a joint study and application agreement (JSAA) to evaluate deepwater fan prospects in blocks LB-26, LB-30 and LB-31 in the Harper Basin.

The partners committed an immediate 18-month work program including TGS reprocessing of 6,167 km² of 3-D seismic (commenced Nov 28, 2025) and new sea-bottom data acquisition. A new Reconnaissance License RL-003 covers 8,924 km² and runs to June 30, 2027, with BLU holding 35% and TTE 65% participating interests. BLU spent US$1,862,000 under RL-002 (minimum was US$1.6M); expenditures may be recoverable under future production sharing contracts.

Positive

• JSAA with TotalEnergies secures major operator partnership
• Immediate 18-month work program committed and funded
• TGS reprocessing of 6,167 km² seismic commenced Nov 28, 2025
• New RL-003 covers 8,924 km² (~2.2 million acres)
• BLU retains a 35% participating interest; TTE 65%

Negative

• RL-003 term expires June 30, 2027, limiting reconnaissance runway
• Drilling depends on establishing economically viable drillable prospects

News Market Reaction

-1.29%

1 alert

-1.29% News Effect

On the day this news was published, TTE declined 1.29%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

3-D seismic coverage: 6,167 km² (~1.5 million acres) RL-003 areal extent: 8,924 km² (~2.2 million acres) Work program duration: 18 months +5 more

8 metrics

3-D seismic coverage 6,167 km² (~1.5 million acres) Original 3-D seismic data to be reprocessed over Harper Basin Blocks

RL-003 areal extent 8,924 km² (~2.2 million acres) Contiguous Blocks LB-26, LB-30 and LB-31 under Reconnaissance License

Work program duration 18 months Jointly funded JSAA work program for seismic reprocessing and seabed data

BLU participating interest 35% BluEnergies interest in Reconnaissance License RL-003

TTE participating interest 65% TotalEnergies interest in Reconnaissance License RL-003

RL-002 minimum expenditure US$1,600,000 Required minimum spend under prior Reconnaissance License RL-002

RL-002 actual spend (USD) US$1,862,000 BluEnergies expenditures under RL-002 work program

RL-002 actual spend (CAD) CA$2,570,000 Canadian dollar equivalent of BluEnergies RL-002 expenditures

Market Reality Check

Price: $74.86 Vol: Volume 1,268,245 vs 20-da...

normal vol

$74.86 Last Close

Volume Volume 1,268,245 vs 20-day average 1,100,929 indicates slightly elevated trading interest ahead of this partnership news. normal

Technical Price at 66.53, trading near the 67.14 52-week high and above the 200-day MA of 61.6, reflecting a pre-existing uptrend.

Peers on Argus

Major integrated peers BP, PBR, EQNR, and SU showed gains between 1.38% and 2.90...

Major integrated peers BP, PBR, EQNR, and SU showed gains between 1.38% and 2.90%, while TTE was up 1.11%, indicating a broader positive move in large-cap energy alongside this partnership update.

Historical Context

5 past events · Latest: Jan 08 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Capital structure update	Neutral	+1.4%	Routine disclosure of total shares and voting rights for transparency.
Jan 06	Share repurchases	Positive	-4.4%	Announcement of 650,358-share buyback with detailed consideration data.
Dec 30	Share repurchases	Positive	+0.0%	Disclosure of 489,588-share buyback and weighted average price.
Dec 22	Share repurchases	Positive	+0.1%	Report of 2.7M-share repurchase program over five trading days.
Dec 16	Renewable power PPA	Positive	-2.2%	21-year Malaysian solar PPA to supply 1 TWh to Google data centers.

Pattern Detected

Recent corporate and partnership updates have shown mixed price reactions, with both positive and routine announcements sometimes met by modest gains and, at times, notable declines.

Recent Company History

Over the last month, TotalEnergies reported several share repurchase disclosures and a routine voting-rights update, alongside a long-term Malaysian renewable power agreement. Buyback announcements on Dec 22–24, 2025 and Dec 15–19, 2025 involved multi‑million euro programs and saw largely muted to slightly positive reactions. The Malaysia Google PPA on Dec 16, 2025 coincided with a -2.16% move, while the voting-rights disclosure on Jan 8, 2026 aligned with a modest gain. Today’s Harper Basin partnership fits into this pattern of ongoing portfolio and project development.

Market Pulse Summary

This announcement details a joint study and application agreement in Liberia’s Harper Basin, combini...

Analysis

This announcement details a joint study and application agreement in Liberia’s Harper Basin, combining 3‑D seismic reprocessing and seabed data over 6,167 km² within an 8,924 km² Reconnaissance License where TotalEnergies holds 65%. It follows a series of global partnerships and portfolio moves. Investors may focus on progress of the 18‑month work program, prospect definition, and any subsequent production sharing contracts to gauge how this early-stage exploration could influence the company’s long-term upstream profile.

Key Terms

production sharing contracts, reconnaissance license, 3-d seismic data, multi-beam/backscatter, +4 more

8 terms

production sharing contracts financial

"intend to apply for one or several production sharing contracts covering the desirable Blocks"

Production sharing contracts are agreements between a government and an energy company that define how revenue or physical output from an oil or gas project is divided after production costs are recovered. For investors, they matter because the split, cost recovery rules and fiscal terms determine how much of the project's revenue the company keeps versus what goes to the state — like a recipe that dictates how a cake is baked and who gets which slices.

reconnaissance license regulatory

"entered into a new Reconnaissance License LPRA-003 ("RL-003") with the Liberia Petroleum Regulatory Authority"

A reconnaissance license is a government permit that allows a company to do initial, low-impact surveys of land or offshore areas to see if valuable minerals, oil, gas, or other resources might be present. Think of it as a scouting pass: it gives the right to look around and collect basic data but not to dig or extract; for investors it signals an early, higher-risk step that can reveal promising targets without committing to costly development.

3-d seismic data technical

"reprocessing ... of 6,167 km² (~1.5 million acres) of original 3-D seismic data initially acquired by TGS in 2013"

Three-dimensional seismic data is a detailed underground “map” created by sending sound waves into the earth and recording their echoes to build a 3D image of rock layers and structures beneath the surface, similar to an ultrasound or MRI for the ground. For investors, it matters because these images reduce uncertainty about where oil, gas or mineral deposits are located and how big they might be, which directly affects drilling decisions, project costs, reserve estimates and the value of exploration assets.

multi-beam/backscatter technical

"offshore sea bottom new data acquisition comprising multi-beam/backscatter, heat flow survey and subsequent data studies"

Multi-beam/backscatter is a mapping technology that sends many narrow pulses (beams) of sound or radio waves toward a surface and measures both the time it takes for echoes to return and the strength of those echoes. Like shining a flashlight with many beams and listening for different echoes, it creates detailed pictures of shapes and surface texture that cameras can’t see, so investors use it to judge the value and risk of companies selling surveying, offshore, defense, or infrastructure services.

heat flow survey technical

"offshore sea bottom new data acquisition comprising multi-beam/backscatter, heat flow survey and subsequent data studies"

A heat flow survey measures how much heat is escaping from beneath the Earth’s surface by collecting temperature readings and related data from boreholes, wells or the ground. For investors, it acts like a subsurface thermometer: it helps estimate the size and viability of geothermal energy resources, indicates how likely organic rock has matured into oil or gas, and flags thermal risks that can affect drilling costs and project economics.

basin floor fan play technical

"regions where the basin floor fan play is being actively, successfully explored, developed and produced"

A basin floor fan play is an oil and gas exploration target where sand-rich, fan-shaped deposits formed on the deep seafloor act as potential underground reservoirs. Think of it like a river dumping sediment at the edge of a shelf and building a wide underwater sand fan: those sands can hold hydrocarbons but are buried deep and require advanced imaging and costly drilling. Investors care because these plays can contain large, high-quality resources yet carry higher technical and cost risk.

joint study and application agreement financial

"entered into an industry standard joint study and application agreement ("JSAA") with the Liberian upstream subsidiary"

A joint study and application agreement is a formal deal where two or more parties agree to work together to research, test, and pursue regulatory approval or commercial use of a product, technology, or process. For investors, it signals shared costs and risks, potential faster progress, and possible future revenue or licensing, much like neighbors pooling time and money to renovate and then rent out a house instead of doing it alone.

sea bottom data technical

"acquisition of sea bottom data, in order to fully evaluate the prospectivity and de-risk the hydrocarbon potential"

Sea bottom data is information about the ocean floor’s shape, materials and conditions collected by survey tools like sonar, sampling devices and underwater sensors. For investors it shows where and how easily activities such as laying cables, building offshore platforms, drilling or mining can be done and reveals risks like unstable ground or environmental sensitivity — think of it as a detailed ground survey before a big construction project.

AI-generated analysis. Not financial advice.

TSXV: BLU

VANCOUVER, BC, Jan. 15, 2026 /PRNewswire/ - BluEnergies Ltd. (TSXV: BLU) ("BLU" or the "Company") is pleased to report it has successfully entered into an industry standard joint study and application agreement ("JSAA") with the Liberian upstream subsidiary of TotalEnergies SE (NYSE: TTE) ("TTE"), in order to further explore the prospectivity of the Company's deep water fan play in the Harper Basin, offshore Liberia. The West Africa Transform Margin, where the Harper Basin is located, and its conjugate South American Margin are regions where the basin floor fan play is being actively, successfully explored, developed and produced.

JSAA Highlights

The purpose of the JSAA between BLU and TTE is to further unlock the prospective potential of the Harper Basin blocks by establishing prospects within LB-26, LB-30 and LB-31 (the "Blocks"). Subject to establishing economically viable drillable prospects, BLU and TTE intend to apply for one or several production sharing contracts covering the desirable Blocks. An immediate budget has been jointly committed for the execution of a work program during the next 18 months involving state-of-the-art seismic reprocessing for more accurate reservoir imaging and the acquisition of sea bottom data, in order to fully evaluate the prospectivity and de-risk the hydrocarbon potential. This work program comprises:

(a)	the reprocessing by TGS ASA (Oslo) ("TGS"), a leading provider of advanced data and intelligence in the energy sector, of 6,167 km² (~1.5 million acres) of original 3-D seismic data initially acquired by TGS in 2013, covering the majority of the Blocks. This program commenced November 28, 2025; and
(b)	offshore sea bottom new data acquisition comprising multi-beam/backscatter, heat flow survey and subsequent data studies and interpretation.

New Liberia Reconnaissance License

To support the JSAA between TTE and the Company, the Liberian subsidiaries of BLU and TTE have entered into a new Reconnaissance License LPRA-003 ("RL-003") with the Liberia Petroleum Regulatory Authority ("LPRA") covering these contiguous Blocks with an areal extent of 8,924 km² (~ 2.2 million acres). Key provisions of RL-003 are:

1. BLU has a 35% participating interest and TTE has a 65% participating interest in RL-003. 
2. BLU and TTE are required to conduct a work program that includes state-of-the-art 3-D reprocessing and sea bottom new data acquisition.
3. The term of RL-003 continues up to June 30, 2027, with new RL-003 replacing BLU's existing Reconnaissance License LPRA-002 ("RL-002").
4. Reconnaissance expenditures under RL-003 and RL-002 would be recoverable under any future production sharing contracts covering the Blocks. Under the RL-002 work program, which required a minimum expenditure of US$1,600,000, BLU spent US$1,862,000 (CA$2,570,000).

Background 

During October 2024, under RL-002 held 100% by BLU, the Company acquired from TGS a review license of the 6,167 km² 3-D seismic survey covering a majority of the Blocks. As a result of the Company's interpretation of the 3-D survey, BLU delineated seven large scale discrete Cretaceous aged basin floor fans.

In Q1 2025, the Company entered into negotiations under non-disclosure agreements with numerous deepwater operators. As a result of these broad-based negotiations, BLU accepted an exclusive relationship with TTE in July 2025 and thereafter entered into a non-binding memorandum of understanding on October 8, 2025. Final negotiations led the Company to successfully enter into the JSAA with TTE under the new RL– 003.

About BluEnergies Ltd.

BluEnergies Ltd. is a Canadian-based international oil and gas exploration and development company with a focus on operations in West Africa. For additional information on BluEnergies Ltd., please refer to the Company's website, www.blu-energies.com.

Forward-looking Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references to future periods. Examples of forward-looking information include, among others, the future plans of BLU, and information herein relating to BLU and its business plans, including the potential exploration and other planned activities in joint venture with TTE under possible production sharing contracts. Although BLU believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because BLU can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this information depending on, among other things, the risk that the future plans of BLU may differ from those that currently are contemplated. Additional risks include those disclosed in the management information circular of Canadian Global Energy Corp., which is available on the Company's profile at SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release, except as otherwise required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE BluEnergies Ltd.

FAQ

What did BluEnergies and TotalEnergies announce about the Harper Basin on Jan 15, 2026?

They signed a JSAA to jointly evaluate blocks LB-26, LB-30 and LB-31 and committed an 18-month work program including seismic reprocessing and sea-bottom data acquisition.

How large is the new RL-003 Reconnaissance License covering BLU/TTE blocks?

RL-003 covers 8,924 km² (about 2.2 million acres) of contiguous Harper Basin blocks.

What are the equity interests for BLU and TotalEnergies under RL-003?

BluEnergies holds 35% participating interest and TotalEnergies holds 65%.

When did seismic reprocessing by TGS begin and how much area does it cover?

TGS began reprocessing on Nov 28, 2025 covering 6,167 km² of 3-D seismic data.

Will reconnaissance expenditures be recoverable if production occurs (TTE, BLU)?

Yes; the announcement states reconnaissance expenditures under RL-003 and RL-002 would be recoverable under any future production sharing contracts.

Does the JSAA commit to drilling now for BLU (TSXV:BLU)?

No; drilling is conditional—partners must first establish economically viable drillable prospects before applying for production sharing contracts.