News

VANCOUVER, 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.

SS-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 the area, allowing for a fully integrated evaluation of this amplitude-based play. BLU’s management firmly believes, due to current commodity prices and existing production infrastructure, now within 10 miles, allows for profitable, cost effective and efficient development of these reservoirs.

To advance the project, BLU has engaged a third-party engineering firm based in Houston, Texas to conduct an independent valuation of the Crown Royal (SS-59) oil and gas reserves. The assessment will contribute to future drilling and development plans and provide a clear picture of the Crown Royal prospects’ full-scale economics.

Craig Steinke, BLU’s CEO stated, “The new 5,000-acre lease (SS-59), encompassing approximately 50% of the Crown Royal prospect, represents untapped value in today’s market. The block highly complements BLU’s high potential basin floor fan play, currently being explored jointly with TotalEnergies in the Harper Basin, offshore Liberia. Together, these assets provide significant balance to BLU’s risk-reward profile pairing shallow water, low risk drilling opportunities with high impact deepwater upside.”

About BluEnergies Ltd.

BluEnergies Ltd. is a Canadian-based international oil and gas exploration and development company with a focus on operations in West Africa. For additional information on BluEnergies Ltd., please refer to the Company’s website, www.blu-energies.com.

For further information, please contact:

Craig Steinke, CEO
Doug Allen, Senior Manager, Investor Relations
Investor Relations Inquiries Email: info@blu-energies.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Advisories

Information Regarding Oil and Gas Disclosure

References in this news release to test rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate anticipated production of BLU from wells that may be drilled on SS-59 in the future. The Company has not conducted any well-test interpretation on the well referenced in this news release. The Company cautions that such results should be considered preliminary and are historical.

Analogous Information

Certain information in this news release may constitute "analogous information" as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Such information includes historical production estimates and other information retrieved from the publicly available records of certain industry participants or other publicly available sources. Management of the Company believes the information is relevant as it may help to define the reservoir characteristics and production profile of lands and leases in which the Company may hold an interest. BLU is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor and is unable to confirm that the analogous information was prepared in accordance with NI 51-101. Such information is not an estimate of the production, reserves or resources attributable to lands or leases held or to be held by the Company and there is no certainty that the production, reserves or resources data and economic information for the lands held or to be held by the Company will be similar to the information presented herein. The reader is cautioned that the data relied upon by the Company may be in error and/or may not be analogous to such lands or leases held or to be held by the Company.

Cautionary Note Regarding Forward-Looking Information

Certain information contained in this news release may constitute forward-looking statements and information (collectively, "forward-looking information") within the meaning of applicable securities legislation that involve known and unknown risks, assumptions, uncertainties and other factors. Forward- looking statements may be identified by words like "anticipates", "estimates", "expects", "indicates", "intends", "may", "could" "should", "would", "plans", "target", "scheduled", "projects", "outlook", "proposed", "potential", "will", "seek" and similar expressions. Forward-looking information in this news release include statements regarding, among other things: the anticipated official lease being provided by the BOEM; the promising nature of the Crown Royal prospect; BLU’s management’s beliefs that the reservoirs will prove to be profitable; the Company’s plans to advance the anticipated project on block SS-59; and the performance and other characteristics of the Company’s properties and expected results from its assets. Such statements reflect the current views of management of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking information. With respect to forward-looking information contained in this news release, the Company has made assumptions regarding, among other things: that the anticipated official lease being provided by the BOEM will be provided by the BOEM on the terms anticipated or at all; that commodity prices will be consistent with the current pricing environment and forecasts; the accuracy of reserves estimates and historical information in respect of the well drilled on block SS-59; the accuracy of historical test rates; costs to drill, complete and tie-in wells; ultimate recovery of reserves; that royalty regimes will not be subject to material modification; future exchange and interest rates; supply of and demand for commodities; inflation; the availability of capital on satisfactory terms; the availability and price of labour and materials; the impact of increasing competition; conditions in general economic and financial markets; that the Company will be able to access capital, including debt, on acceptable terms; the receipt and timing of regulatory, exchange and other required approvals; the ability of the Company to implement its business strategies and complete future acquisitions; the Company's long term business strategy; and effects of regulation by governmental agencies.

Factors that could cause actual results to vary from forward-looking information or may affect the operations, performance, development and results of the Company's businesses include, among other things: assumptions concerning operational reliability; risks inherent in the Company's future operations; the Company's ability to generate sufficient cash flow and access to capital to meet its future obligations; increases in maintenance, operating or financing costs; the realization of the anticipated benefits of future acquisitions, if any; the availability and price of labour, equipment and materials; competitive factors, including competition from third parties in the areas in which the Company intends to operate, pricing pressures and supply and demand in the oil and gas industry; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, political and economic instability overseas and its effect on commodity pricing and the oil and gas industry (including ongoing military actions in the Middle East); severe weather conditions and risks related to climate change, such as fire, drought and flooding; terrorist threats; risks associated with technology; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to the management team's future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on a forward-looking statement cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. For additional risk factors relating to the Company, please refer to the Company's most recent management’s discussion and analysis, which is available on the Company's SEDAR+ profile at www.sedarplus.ca. The forward-looking information contained in this news release is made as of the date hereof and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.