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BluEnergies Ltd. holds 100% interest in Reconnaissance License No. LPRA-002 (the “RL”), Harper basin, offshore Liberia. The RL was issued by the Liberia Petroleum Regulatory Authority (“LPRA”) for an initial 2.5-year term that ends March 5, 2026. This initial term is extendable by one (1) year.
This RL comprises Blocks LB-26, LB-30, and LB-31, an area totaling 8,924 km2 (2.2 million acres), which is ~40% of the Harper basin. The Harper basin contains the prolific, Cretaceous deepwater fan play that is proven by:
- The 1 to 1.5 billion boe* (in place) Calao discovery (Cote d’Ivoire) and the 0.8 billion boe* Jubilee Field (Ghana) on the same West African Transform
- The 4+ billion boe* Venus discovery and the 10 billion boe* (in place) Mopane discovery in Namibia; and
- The 10+ billion boe* producing Stabroek Block in Guyana on the conjugate margin.
Map showing the location of Reconnaissance License No. LPRA – 002; its component Blocks LB-26, LB-30 and LB-31; and the Lead inventory as of April, 2025.
BluEnergies positioned in the Harper basin following a proactive, strategy-led, data-intensive evaluation of more than 30 African and South America basins. These Blocks provide BluEnergies a low-cost, short-cycle-time option on a material, high-value, repeatable growth vehicle and a transformational opportunity for the country of Liberia.
Based on regional subsurface work and the interpretation of 6,167 km2 of 3D seismic data, significant independently certified unrisked recoverable prospective resource potential has been recognized in six (6) deepwater fans thus far. All of these fans are in Blocks LB-30 and LB-31. As context, a 1 billion boe* recoverable discovery in the Harper basin would rank among offshore Africa’s top 5% (by volume) in the past decade (Westwood, 2024). An assessment of Block LB-26, is underway.
3D Seismic Images of the seven Cretaceous Fan systems identified in BluEnergies’ Harper Basin License (Cenomanian: top; Turonian: bottom)
Development of potential Harper basin discoveries is facilitated by low break-even price thresholds, high NPV/boe, a benign and secure operating environment, proximity to shore (50 km), competitive fiscal and contractual terms, and an accommodating host Government.
As was the case with the giant Venus discovery in the Orange basin, offshore Namibia, BluEnergies and other Independents continue to play a critical role in unlocking the world’s few remaining billion-barrel deepwater provinces. In so doing, we strive to eradicate energy poverty, develop infrastructure, and we socially and economically transform the countries in which we work.
*boe - barrels of oil equivalent