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BLUENERGIES SECURES TOP BID IN GULF OF AMERICA LEASE SALE, ENGAGES INDEPENDENT HOUSTON FIRM FOR RESERVE EVALUATION
BLUENERGIES SECURES TOP BID IN GULF OF AMERICA LEASE SALE, ENGAGES INDEPENDENT HOUSTON FIRM FOR R...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\nBLUENERGIES SECURES TOP BID IN GULF OF AMERICA LEASE SALE, ENGAGES INDEPENDENT HOUSTON FIRM FOR RESERVE EVALUATION\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nTSXV: BLUVANCOUVER, BC, March 19, 2026 /CNW/ - BluEnergies Ltd. (TSXV: BLU) (\"BLU\" or the \"Company\") is pleased to announce that BLU was the successful top bidder in the Bureau of Ocean Energy Management's (\"BOEM\") March 11, 2026 lease sale for federal waters in the Gulf of America. The Company secured a 100% working interest in the SS-59 block (\"SS-59\"), a 5,000-acre lease block under a 5-year term located in shallow water – less than 20 feet of water – in the promising Crown Royal prospect.\n\n\n\n\n\n\n\nSS-59 was bid through the Company's agent, Focus Exploration LLC, based in Houston, Texas. Signing of the official lease provided by the BOEM is expected to occur in the next several weeks.The Crown Royal play is located offshore Louisiana straddling two 5,000-acre blocks, BLU's SS-59 block and SS-52 contiguous to the north of SS-59. The primary geological play is a channel levee complex which contains 5 objective sand intervals between 11,600 feet and 17,180 feet. This channel levee complex was drilled by Texaco in 1987, (Texaco #1) on the southern edge of block SS-52 offsetting the northern border of block SS-59. Based on information publicly available from the BOEM database, the well proved oil and gas/condensate bearing reservoir quality sands in 5 intervals and successfully flow tested sands at 2 of the 5 intervals at a test rate of 1,398 barrels of oil per day of light oil and 5.54 million cubic feet of gas per day. Both zones are over pressured.The Crown Royal play was originally drilled by Texaco, (Texaco #1), in 1987 amid low commodity prices ($20 per barrel oil and $2.00 per 1,000 cubic feet gas) that along with poor quality of existing 2D seismic data, the operator was unable to quantify reservoir size and elected not to complete the discovery. Subsequently, several 3D seismic surveys have been acquired over...