Bluenergies Ltd. · TSXV:BLU
Bluenergies — Investor Presentation (December 2025)
22 slides from Bluenergies's investor presentation, December 2025
Slide 1: A Pure-play West Africa Deepwater Oil & Gas Explorer
A Pure-play West Africa Deepwater Oil & Gas Explorer December 2025 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: Industry Highlights
Industry Highlights • Driven by energy realism & pragmatism, oil & gas companies are rapidly reassessing strategy • Industry is refocusing on Oil & Gas to build shareholder value • In the next 10 to 20 years, 50% of all new oil & gas fields are projected to be offshore • Of these, ~70% will be in De
Slide 4: Company Highlights
Company Highlights • 100% interest in Deep Water Cretaceous* Fan Play • Three contiguous blocks: 8,924 km2 (~2.2 million acres) • License to large 3D seismic data: 6,167 km2 (~1.5 million acres) • 3D seismic enables fast track to drilling • Analogous to TotalEnergies’ (Venus) Deep Water Fan play off
Slide 5: 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 6: Recent Licensing Activity Offshore Liberia
Recent Licensing Activity Offshore Liberia TOTAL Acreage Sept 15, 2025 BLU Acreage Sept 5, 2023 ORANTO Acreage Sept 22, 2025 TSXV: BLU
Slide 7: A Story of Conjugate Margins: The Game Changing Cretaceous Discoveries
A Story of Conjugate Margins: The Game Changing Cretaceous Discoveries Catalysts of the Cretaceous: nine play opener discoveries SNE-1- 2014 transformed West Africa high impact exploration Liza - 2015 strategy, sparking a Cretaceous exploration boom Calao, Baleine, Jubilee 2024 2021 2007 Barra - 201
Slide 8: The Harper Basin is Offshore West Africa's Final Frontier
The Harper Basin is Offshore West Africa’s Final Frontier Cote d’Ivoire Liberia Ghana RL-002 Liberia’s Harper Basin Large-scale AFRICA deep water fan play Possibly the last remaining undrilled South Conjugate Margin Jubilee: 0.8 Bbo 2P Atlantic margin basin containing the large- Calao: 1 - 1.5 Bbo i
Slide 9: Large-Scale Deep Water Cretaceous Fan Play
Large-Scale Deep Water Cretaceous Fan Play • Reconnaissance License – Blocks 26, 30, 31 100% WI • Comprises ~ 40% of the Harper basin RL-002 • 2.5 - year primary term ending March 5, 2026; extendable by 1 year • 7 deepwater fans – repeatability • Large scale + short cycle time from discovery to firs
Slide 10: Deep Water Fans in BluEnergies Licenses are Well Defined by 3D Seismic
Deep Water Fans in BluEnergies Licenses are Well Defined by 3D Seismic Cretaceous (Cenomanian): Thea, Apollo, Diana & Zeus Fans Sand Input Sand Input Sand Input TSXV: BLU
Slide 11: Deep Water Fans in BluEnergies License are Well Defined by 3D Seismic
Deep Water Fans in BluEnergies License are Well Defined by 3D Seismic Cretaceous (Turonian): Saturn, Neptune, Jupiter fans Neptune Jupiter Saturn Jupiter Saturn Neptune 20 km Reservoir sand = red Relative acoustic impedance: Turonian TSXV: BLU
Slide 12: BluEnergies R.L. 002: Schematic of Large-scale Deep Water Fan Plays
BluEnergies R.L. 002 : Schematic of Large-scale Deep Water Fan Plays Ponding Against Transform Fault High Not to scale TSXV: BLU
Slide 13: BluEnergies Fan Channel/Systems Are Comparable to TotalEnergies Venus Field, Namibia
BluEnergies Fan Channel/Systems Are Comparable to TotalEnergies Venus Field, Namibia Large scale Deep Water basin floor fan play: Venus Field, Namibia: 4+ billions boe* Hydrocarbon potential in the range of billions boe Orange River *Barrels of Oil Equivalent (Recoverable resources) Prospects and Le
Slide 14: Why a Reconnaissance License?
Why a Reconnaissance License? • Work Program is significantly less costly than Phase 1 of a Production Sharing Contract “PSC” o No signing bonus o No contributions to various funds o No surface rentals o Cost of 3D Seismic significantly less • Mitigates new-country-entry hurdles • Carrying out the s
Slide 15: 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 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.; 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 o
Slide 17: 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 Accountant and • 40 years of experience in the petroleum • 35+ years involved with a variety of ide
Slide 18: 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 19: BluEnergies Capitalization Table
BluEnergies Capitalization Table All figures in C$ millions or millions of shares TSXV: BLU Share Price (Dec 2) $1.00 Shares Outstanding 64.29 Warrants – average exercise price $.75 per share 8.00 Stock Options – average exercise price $.39 per share 4.05 Fully Diluted Shares Outstanding 76.35 Marke
Slide 20: Summary
Summary • Industry is doubling down on Oil & Gas • Deep Water Cretaceous Fans are the most highly sought after play type worldwide • High success rate (>50%) in the Cretaceous Fan Plays has sparked an exploration boom – West Africa • BluEnergies holds 100% interest in the Offshore Liberia Deep Water
Slide 21: APPENDIX
(a) APPENDIX © BluEnergies TSXV: BLU
Slide 22: Opportunities to the Scale of the Harper Basin are Required to Replace Declining IOC Reserves
Opportunities to the Scale of the Harper Basin are Required to Replace Declining Major International Oil Companies’ “IOC” Reserves Reserve Life: Major IOCs • Reserve Life Indices: 10-year decline Oil: 29% Gas: 20% • Organic Reserve & Production Replacement will RLI (years) require access to material