TOTALENERGIES PARTNERS WITH BLUENERGIES IN ITS HARPER BASIN FAN PLAY, OFFSHORE LIBERIA
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.
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
Details
News Market Reaction – TTE
On Jan 15, the day this news came out, TTE closed 1.29% below the previous close.
Data tracked by StockTitan Argus for the Jan 15 session.
Key Figures
- 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
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Key Terms
production sharing contracts financial
reconnaissance license regulatory
3-d seismic data technical
multi-beam/backscatter technical
heat flow survey technical
basin floor fan play technical
joint study and application agreement financial
sea bottom data technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
TSXV: BLU
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 ( |
(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:
- BLU has a
35% participating interest and TTE has a65% participating interest in RL-003. - 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.
- 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").
- 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 , BLU spent$1,600,000 US (CA$1,862,000 $2,570,000) .
Background
During October 2024, under RL-002 held
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
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.
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