Bluenergies Ltd. · TSXV:BLU
Bluenergies — Investor Presentation (October 2026)
29 slides from Bluenergies's investor presentation, October 2026
Slide 1: A West Africa Deepwater Oil & Gas Explorer
October 2026 A West Africa Deepwater Oil & Gas Explorer www.blu-energies.com TSXV: BLU - OTCQX: BLUGF - Frankfurt:66E 1
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: Investment Highlights – Multi-Billion Barrel Potential
Investment Highlights – Multi-Billion Barrel Potential ➢ First-mover advantage offshore Liberia – multi-billion bbl opportunity ➢ Partnered with TotalEnergies (NYSE:TTE) – 35% BLU; 65% TTE ➢ Modern drilling technologies now put high-impact resources well within reach ➢ Secured reserves in highly pro
Slide 4: First Mover Advantage – In-house, Science-based Discovery
First Mover Advantage – In-house, Science-based Discovery Deep-water Offshore Liberia 42 Countries, > 30 basins ➢ 7-member Technical team ➢ Veridien’s GeoVerse global subsurface database ➢ 15 months – 42 countries - >30 basins ➢ Short-listed: 5 opportunities ➢ Captured the highest-impact opportunity
Slide 5: BLU's Harper Basin: Large-Scale Deep Water Cretaceous Basin Floor Fan Play
BLU’s Harper Basin : Large-Scale Deep Water Cretaceous Basin Floor Fan Play ➢ BLU/TTE have 100% interest in 3 contiguous blocks : 8,924 sq km (~2.2 million acres) ~ 40% of Harper Basin ➢ License to large 3D seismic data : 6,167 sq km RL-003 (~1.5 million acres) ➢ Discovered 7 large deep-water BFF’s
Slide 6: Partnership With Supermajor TotalEnergies
Partnership With Supermajor TotalEnergies Validates and Derisks BLU’s Multi-Billion Barrel Harper Basin Potential ➢ Partnership commenced (RL-003) January 5, 2026 - 35% BLU; 65% TTE ➢ TTE is 1 of the world’s 7 supermajors (market cap ~$200 billion USD) ➢ Taps Totals’ vast offshore Africa success ➢ B
Slide 7: BLU's Cretaceous BFF's Comparable to TTE's Venus Discovery, Namibia
BLU’s Cretaceous BFF’s Comparable to TTE’s Venus Discovery, Namibia Venus Discovery – Feb ‘22: in 4 years Harper Basin - Deep-water BFF play: booked 4+ billion boe* billion-barrel potential Orange River *Barrels of Oil Equivalent (Recoverable resources) 4 of 7 Cretaceous-aged Fans underlying BLU’s R
Slide 8: 2024 - First-Mover Advantage Illustrated - Offshore Liberia
2024 - First-Mover Advantage Illustrated- Offshore Liberia Ghana Cote d’Ivoire Sierra Leone FA Oil Baleine Discovered 2021 Calao 2.5 billion bbls Under appraisal - BLU’s VP Exp led discovery - Liberia Jubilee 800 mmbbls Sankofa 770 mmboe 3D Seismic determined BLU’s blocks 26,30,31 as the most prospe
Slide 9: 2025/2026 – Licensing Activity Surging along West African Transform Margin
2025/2026 – Licensing Activity Surging along West African Transform Margin Tender O&G Ghana Sierra Leone Cote d’Ivoire FA Oil Baleine Bubale Under appraisal Discovered 2021 Calao 2.5 billion bbls Under appraisal - BLU’s VP Exp led discovery - Liberia Marginal Energy Jubilee ENI 800 mmbbls Sankofa Or
Slide 10: BLU's Harper Basin, Liberia
BLU’s Harper Basin, Liberia Shares Same Source Rock as Prolific Offshore Guyana/Suriname North Atlantic (Tortue in Mauritania & Sangomar in Separation between West Africa Senegal) & South America occurred Stabroek block Guyana: 130-140 million years ago Liza & multiple discoveries Harper - over 11 b
Slide 11: The Geology and Prospectivity of a Basin Floor Fan Play
The Geology and Prospectivity of a Basin Floor Fan Play* The Formation of a Multi-Billion Barrel Prospect ➢ Large aerial extent ➢ Stacked sands – typically thick reservoirs with multiple targets ➢ High-quality clean reservoir sands – typically good permeability and porosity ➢ Modern Ultra Deep-Water
Slide 12: BLU's Harper Basin - Classic Deep-Water Fans - Well Defined by 3D Seismic
BLU’s Harper Basin - Classic Deep-Water Fans - Well Defined by 3D Seismic ➢ Extensive aerial reach ➢ Multiple stacked sands ➢ 4 of 7 BFF’s established in the lower Cenomanian sands ➢ Multi billion-barrel potential Cretaceous (Cenomanian): Thea, Apollo, Diana & Zeus Fans TSXV: BLU - OTCQX: BLUGF - Fr
Slide 13: BLU's Harper Basin - Classic Deep-Water Fans - Part 2
BLU’s Harper Basin - Classic Deep-Water Fans - Well Defined by 3D Seismic – Part 2 ➢ 3 of 7 BFF’s established in Important: Ponding of reservoir the upper Turonian sands sands against the reverse slope of the transform fault confining ➢ Cape Palmas Transform thicker/stacked sands fault creates pondi
Slide 14: Harper Basin Cross Section - Key Stratigraphy & Potentially Thick Reservoirs
Harper Basin Cross Section - Key Stratigraphy & Potentially Thick Reservoirs Evidence of source rock, fluid migration, stacked sands and structural traps S N S = proven oil prone source rock along the entire African Atlantic Margin Campanian Structural traps Turonian 01 Base Miocene 02 T Cretaceous
Slide 15: 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 16: 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. • Member: UN, World Bank, IMF, UN Security Council • Party to the Nigeria-Morocco gas pipeline project New administration - 2024 - 6-year term • - President Boakai’s objectiv
Slide 17: Gulf of America Asset – Underpins BLU with Reserves
Gulf of America Asset – Underpins BLU with Reserves Crown Royal Prospect – 100% Working Interest – Offshore Louisiana ➢ 100% working interest in “Crown Royal” (SS-59), Gulf of America ➢ 5,000 acres – 5-year term ➢ Same structure/adjacent to Texaco #1 discovery well (1987) – flow tested 1,398 bopd +
Slide 18: 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 Doug Allen CEO / Director Corporate Secretary Investor Relations Technical Finance Legal Support Shiraz Dhanani Sergio Laura Vivien Ch
Slide 19: BluEnergies Capitalization Table
BluEnergies Capitalization Table All figures in C$ millions or millions of shares TSXV: BLU Share Price (Oct 5) $2.40 Shares Outstanding 82.58 Warrants 10.3 Stock Options – average exercise price $.79 per share 6.97 Undiluted Shares 99.848 Market Cap (Oct 5) $198.2 mm Cash (Sept 2) – no debt $20 mm
Slide 20: BLU's Demonstrated Execution and Milestones
BLU’s Demonstrated Execution and Milestones 2024 : Q3 Finalized RL-002 Q4 Licensed and Interpreted 3D Seismic Data 2025 : Q1 3D Seismic Data Interpretation & Data Rooms (London, Houston) Q2 Signed NDA’s 5 Supermajors Q3 Exclusive Arrangement with TotalEnergies Q4 Signed MOU with TotalEnergies Commen
Slide 21: Investment Conclusions
Investment Conclusions Only Public Pure Play to Invest in Liberia’s Deep-Water Offshore ➢ First-mover advantage offshore Liberia ➢ Multi-billion-barrel potential ➢ Partnered with TotalEnergies (NYSE:TTE) – 35% BLU; 65% TTE ➢ Strong validation; significant de-risking ➢ Modern drilling technologies no
Slide 22: APPENDIX
APPENDIX TSXV: BLU - OTCQX: BLUGF - Frankfurt:66E 22
Slide 23: 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 24: 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 25: 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 26: First-Mover Advantage Illustrated - Offshore Liberia
First-Mover Advantage Illustrated- Offshore Liberia 3D Seismic convinced BLU licenses 26,30,31 are the most prospective TOTAL Licenses Incremental Acreage Sept 15, 2025 BLU Acquires Acreage Sept 5, 2023 Partners TTE Jan 5, 2026) ORANTO Acreage Sept 22, 2025 TSXV: BLU - OTCQX: BLUGF - Frankfurt:66E 2
Slide 27: High Impact Deep-Water Plays are Back!
High Impact Deep-Water Plays are Back! BLU is the only public pure-play offshore Liberia ➢ Demand and Technology Advances driving offshore exploration & discovery ➢ Oil Majors are re-focused on oil & gas exploration ➢ In the next 10 - 20 years, 50% of all new oil & gas fields projected to be offshor
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 - OTCQX: BLUGF - Frankfurt:66E 28
Slide 29: 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