Bluenergies Ltd. · TSXV:BLU
Bluenergies — Investor Presentation (March 2026)
31 slides from Bluenergies's investor presentation, March 2026
Slide 1: A Pure-play West Africa Deepwater Oil & Gas Explorer
March 2026 A Pure-play West Africa Deepwater Oil & Gas Explorer www.blu-energies.com TSXV: BLU
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain information in this Presentation may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation in Canada, the United States and any other applicable jurisdiction (collectively, "forward-looking
Slide 3: BLU Discovers Harper Basin – Offshore Liberia
BLU Discovers Harper Basin – Offshore Liberia ➢ Partnered with TotalEnergies – (NYSE:TTE) - Jan 5/ 26 - 35% BLU - 65% TTE ➢ TTE is 1 of the world’s 7 supermajors (market cap $165 billion) ➢ Harper Basin, analogous to TotalEnergies’ (Venus) deep water BFF play offshore Namibia: ~4 billion boe* recove
Slide 4: An Organic, Proactive, Strategy-led Opportunity Selection Process
An Organic, Proactive, Strategy-led Opportunity Selection Process 42 Countries, > 30 basins ➢ 7-member Geological, Geophysical & Reservoir Engineering team ➢ 15 months ➢ Veridien’s GeoVerse global subsurface database ➢ 42 countries ➢ > 30 basins ➢ Short-listed: 5 opportunities ➢ Pursued & captured t
Slide 5: Industry – Trends & Timing
Industry – Trends & Timing ➢ Driven by energy realism & pragmatism, oil & gas companies are rapidly reassessing strategy ➢ Industry is refocusing on Oil & Gas to build shareholder value and reserves replacement ➢ In the next 10 to 20 years, 50% of all new oil & gas fields are projected to be offshor
Slide 6: Liberia: A Constitutional Democracy with a Growing Economy
Liberia: A Constitutional Democracy with a Growing Economy • English-speaking constitutional democracy modeled after the U.S.; 3 branches of Govt., bicameral legislature • Member: UN, World Bank, IMF, UN Security Council • Party to the Nigeria-Morocco gas pipeline project New administration took off
Slide 7: Large-Scale Deep Water Cretaceous Basin Floor Fan Play
Large-Scale Deep Water Cretaceous Basin Floor Fan Play ➢ Reconnaissance License (RL-003) – Blocks 26, 30, 31 35% BLU / 65% TTE RL-003 ➢ Comprises ~ 40% of the Harper Basin ➢ RL-003 continues up to June 30, 2027 ➢ 7 large deep-water fans ➢ BFF plays - Large scale + high production rates ➢ Stacked san
Slide 8: Recent Licensing Activity Offshore Liberia
Recent Licensing Activity Offshore Liberia TOTAL Acreage Sept 15, 2025 BLU Acreage Sept 5, 2023 (BLU & TTE Jan 5, 2026) ORANTO Acreage Sept 22, 2025 TSXV: BLU
Slide 9: 2024 – BLU Early Entrant Along the West African Transform Margin
2024 – BLU Early Entrant Along the West African Transform Margin FA Oil Calao Under appraisal Baleine 2.5 billion bbls Jubillee 800 mmbbls Sankofa 770 mmboe TSXV: BLU
Slide 10: 2025/2026 – New Entrants Along the West African Transform Margin
2025/2026 – New Entrants Along the West African Transform Margin FA Oil Calao Under appraisal Baleine 2.5 billion bbls Jubillee 800 mmbbls Oranto Sankofa 770 mmboe TSXV: BLU
Slide 11: Why a Reconnaissance License?
Why a Reconnaissance License? ➢ Same work program as Phase 1 of a Production Sharing Contract “PSC” but significantly less costly ➢ Lower signing bonus ➢ No contributions to various funds ➢ No surface rentals ➢ Cost of 3D Seismic significantly less TSXV: BLU
Slide 12: Reconnaissance License RL-003
Reconnaissance License RL-003 ➢ RL-002 September 2024 – January 2026 : 100% BLU Work Program $1.6M USD - overperformed $1.862M USD ➢ RL-003 commenced January 5, 2026 up to June 30, 2027 : 35% BLU / 65% TTE ➢ Work Program – 3D reprocessing 6,167 km2 & sea bed + heat flow surveys ➢ Work program is des
Slide 13: West Africa's High Impact Cretaceous Wells Discovered 13 bnboe Over the Last Decade
West Africa’s High Impact Cretaceous Wells Discovered 13 bnboe Over the Last Decade High impact Cretaceous discoveries volumes (2015-2025) 10-year technical exploration success rate of over 50%. Far in-excess of the global 2.4 Bnboe exploration average. On Production 0.9 Bnboe 4.9 Bnboe Scale of the
Slide 14: Advanced Deep-Water Technologies Provide New Opportunities in BFF Plays
Advanced Deep-Water Technologies Provide New Opportunities in BFF Plays Cenomanian fans in the Harper Basin ➢ Unconfined & stacked, high quality clean reservoir sands (often in the source rock). ➢ Potential for large reservoir volume with good inter-connectivity = Potential for very large fields ➢ L
Slide 15: Massive Basins in Offshore Guyana/Suriname Share the Same Source Rock and Play
Massive Basins in Offshore Guyana/Suriname Share the Same Source Rock, Depositional Environment and Play Concepts as Offshore Liberia North Atlantic (Tortue in Mauritania & Sangomar in Present Day Separation between Senegal) West Africa & South America Stabroek block Guyana: Liza & multiple discover
Slide 16: Deep Water Fans in BLU Licenses are Well Defined by 3D Seismic
Deep Water Fans in BLU Licenses are Well Defined by 3D Seismic Cretaceous (Cenomanian): Thea, Apollo, Diana & Zeus Fans Reservoir Sand = red Sand Input Sand Input Sand Input TSXV: BLU
Slide 17: Deep Water Fans in BLU License are Well Defined by 3D Seismic
Deep Water Fans in BLU License are Well Defined by 3D Seismic Cretaceous (Turonian): Saturn, Neptune, Jupiter fans Reservoir sand = red Ponding of reservoir sands against the reverse slope of the transform fault confining thicker/stacked sands Neptune Jupiter Saturn Jupiter Saturn Neptune 20 km Rela
Slide 18: BluEnergies Cretaceous BFF's Are Comparable to TotalEnergies Venus Field, Namibia
BluEnergies Cretaceous BFF’s Are Comparable to TotalEnergies Venus Field, Namibia Large-scale deep-water BFF play: billion-barrel Venus Field, Namibia: 4+ billion boe* hydrocarbon potential Orange River *Barrels of Oil Equivalent (Recoverable resources) Cretaceous Fans underlying BluEnergies’ Reconn
Slide 19: Cross Section with Key Stratigraphy & Potentially Thick Reservoirs
Cross Section with Key Stratigraphy & Potentially Thick Reservoirs S N S = proven oil prone source rock along the entire African Atlantic Margin Campanian Structural traps Turonian 01 Base Miocene 02 T Cretaceous Stratigraphic traps (like S Guyana) 2500m Onlap Cenomanian traps Cape Palmas Transform
Slide 20: Harper Basin – Evidence for Hydrocarbon Source Maturity & Migration
Harper Basin – Evidence for Hydrocarbon Source Maturity & Migration ➢ “Pock-marks” are evidence of fluid migration associated with Harper Basin Turonian-Cenomanian reservoir targets Disruption of the In map view seismic with increased disruptions exhibit as amplitudes circular pock-marks W Seismic c
Slide 21: Organization Chart
Organization Chart Craig Steinke Cyrus Driver Carol Law Don Crossley Co-Founder Director Director Director CEO / Director Craig Steinke Co-Founder Michelle Borthwick CEO / Director Corporate Secretary Technical Finance Legal Support Shiraz Dhanani Sergio Laura Vivien Chuang Jay Park KC Janine Treade
Slide 22: BluEnergies Capitalization Table
BluEnergies Capitalization Table All figures in C$ millions or millions of shares TSXV: BLU Share Price (Mar 2) $1.50 Shares Outstanding 72.55 Stock Options – average exercise price $.79 per share 6.32 Fully Diluted Shares Outstanding 78.87 Market Cap (Mar 2) $108.82mm Board, Management, Insiders &
Slide 23: BLU Delivers on Objectives
BLU Delivers on Objectives 2024 Q3 – Finalized RL-002 Q4 – Licensed 3D Seismic Data – 3D Seismic Data Interpretation 2025 Q1 – 3D Seismic Data Interpretation and Data Rooms (London, Houston) Q2 – Signed NDA’s with 5 Supermajors Q3 – Exclusive Arrangement with TotalEnergies Q4 – Signed MOU with Total
Slide 24: Harper Basin Summary
HARPER BASIN SUMMARY ➢ Partnered with TotalEnergies – 35% BLU / 65% TTE (January 2026) - multi-billion bbl potential resource ➢ Basin Floor Fan Plays are the most highly sought after play type worldwide ➢ High technical success rate (>50%) in the Cretaceous Fan Plays has sparked an exploration boom
Slide 25: Appendix
(a) APPENDIX © BluEnergies TSXV: BLU
Slide 26: Our Board of Directors
Our Board of Directors Craig Steinke Cyrus Driver – Director & CEO & Director Carol Law - Director Don Crossley - Director Audit Committee Chair • Mr. Steinke has a wealth of experience in • Chartered Professional Accountant and • 40 years of experience in the petroleum • 35+ years involved with a v
Slide 27: Our Management
Our Management Vivien Chuang, CFO Michelle Borthwick, Corporate Secretary Sergio Laura, VP Exploration • CPA with 15+ years of experience in the •Corporate finance and governance professional •Geologist with 40+ years in int’l hydrocarbon resource and mining sector with 25+ years of experience in se
Slide 28: High impact wells: Africa will continue to drive global drilling activity in 2026
High impact wells: Africa will continue to drive global drilling activity in 2026 Operators prioritizing ultra deepwater “High Impact Wells” Africa TSXV: BLU
Slide 29: A Benign & Secure Operating Environment
A Benign & Secure Operating Environment Operational & Metocean Conditions ➢ 50 km from shore ➢ Shore base: NOCAL plans for Buchanan, Liberia (300 km) ➢ Crew change: Monrovia ➢ Guinea current: 1 to 2 knots ➢ Wave height: 0.5 to 2 m ➢ No fishing activity; no protected areas Subsea ➢ Water depth at wel
Slide 30: Cenomanian basin floor fan reservoirs
Cenomanian basin floor fan reservoirs TSXV: BLU
Slide 31: 3D stacked sand bodies within Turonian Interval
T Turon 10% iso-slice 3D stacked sand bodies within Turonian Interval 20% iso-slice 30% iso-slice 40% iso-slice 50% iso-slice 60% iso-slice 70% iso-slice 80% iso-slice 90% iso-slice B Turon Stacked reservoirs ponding against outer high TSXV: BLU