11 Mar 2026 • 6 min read • Author: Fabian Dawson • Print • Privacy & Disclaimer

Spotlight 🔍 BluEnergies

BluEnergies was named a Top Pick at the 16th Annual CEM Whistler Capital Event, reflecting growing investor interest in its rare small-cap exposure to a major deep-water oil opportunity.

BluEnergies Ltd. Steps Up Its Hunt for Hydrocarbons in Liberia

BluEnergies controls 2.2 million acres, roughly 40% of the Harper Basin, in one of West Africa’s last undrilled deep-water plays, giving this small-cap company leverage that few oil juniors ever achieve.
Backed by TotalEnergies and surrounded by Exxon, Chevron, and Eni, BluEnergies is positioned at the heart of intensifying supermajor capital flowing into offshore Liberia.
Seven offshore targets and multi-billion-barrel potential highlighted by analysts create meaningful upside for BluEnergies ahead of important 2026 milestones.

“We worked through 42 countries and over 30 sedimentary basins and pursued the highest impact, most credible play, which was the Harper Basin, offshore Liberia … this is a multi-billion-barrel opportunity.”
— Craig Steinke, CEO & Director

Liberia is not usually the first-place investors think of when they hear the words “global energy hotspot.” That’s changing fast.

Over the past few years, Liberia has quietly emerged as one of Africa’s most promising destinations for deep-water oil exploration. According to the African Energy Council, the country’s offshore basins, spread across 29 blocks, could collectively deliver up to one billion barrels of oil by 2035, placing Liberia firmly on the radar of major international energy companies.

At the centre of Liberia’s offshore opportunity sits the Harper Basin, which has already been staked out by oil supermajors like TotalEnergies, ExxonMobil, Chevron, and Eni, the Italian energy conglomerate.

It is in this deep-water neighbourhood off Liberia’s southern coast that Canadian-based BluEnergies Ltd. (TSXV: BLU) is exercising its first-mover advantage.

“We’re this small $100-million company sitting right in the middle of all this activity from some of the world’s largest energy players,” said Craig Steinke, CEO and Director BluEnergies.

What’s drawing attention to BluEnergies in the Harper Basin is location and geology. Liberia sits along the Equatorial Atlantic Transform Margin, the same geological corridor that has produced some of the world’s most important oil discoveries in the last decade, including Guyana, Namibia, and Ghana.

These aren’t marginal fields. They are multi-billion-barrel systems that reshaped national economies and rewarded early investors.

But what sets the Harper Basin really apart is that it remains largely unexplored, even as modern seismic data begins to reveal its potential. Early interpretations of 2D and 3D seismic surveys show multiple large fans spread across the basin, pointing to the kind of deep-water structures that have delivered giant discoveries elsewhere in West Africa.

That combination, frontier basin, modern data, and growing interest from global majors, is exactly why BluEnergies was selected as a Top Pick in Whistler.

BluEnergies is a Canadian-listed exploration company focused entirely on proving whether the Harper Basin can host a world-scale oil system. The company controls roughly 2.2 million acres across three contiguous offshore blocks, representing about 40% of the entire basin. In frontier exploration terms, that is a meaningful footprint.

The company secured its acreage before Liberia became crowded. When licensing activity was quiet, BluEnergies was first in, selecting what it believes are the most prospective blocks, all sitting in the deepest part of the basin and already covered by legacy 3D seismic data.

That early positioning is now being validated as major energy companies have secured positions around BluEnergies, reflecting capital moving toward large-scale opportunity.

BluEnergies has now gone a step further by partnering directly with TotalEnergies. Under the current agreement, TotalEnergies holds a 65% interest and BluEnergies retains 35%, with both companies funding advanced seismic reprocessing and seabed studies. For a junior company, securing a supermajor partner at this stage is a significant de-risking event.

Geology is the other half of the story.

BluEnergies’ seismic interpretation initially suggested one or two deep-water targets. Further analysis revealed seven stacked basin floor fans, a play type that has become the most sought-after target globally because it supports large volumes, high flow rates, and repeatable drilling outcomes.

Basin floor fan systems are the same structures behind ExxonMobil’s success in Guyana and TotalEnergies’ Venus discovery offshore Namibia. Those projects didn’t start with production either. They started with seismic data that suggested scale.

Independent technical analysis referenced in third-party research indicates that BluEnergies’ acreage could host multi-billion-barrel oil-equivalent potential on an unrisked basis. Even when risked for exploration uncertainty, the numbers still point to a company-making outcome if drilling confirms the model.

This is not a production story yet. BluEnergies is not generating cash flow, and it won’t be drilling tomorrow. That’s the risk. But that’s also where the leverage comes from.

Granite Point Research rated BluEnergies a BUY with a 12-month price target of $4.65, citing what it described as an unusually strong risk-reward profile for a junior explorer with multiple near-term catalysts.

Steinke said the company’s near-term focus is on reprocessing existing seismic data using modern techniques, completing seabed and heat-flow surveys, and advancing toward production-sharing contracts with the Liberian government.

He expects a new licensing round in 2026, which will keep attention on the Harper Basin and act as a broader catalyst for the entire region.

Charting BluEnergies

TSXV: BLU

💰

$108.7M
Market Cap

🔷

$1.58
Price¹

🎉

$1.68
Picked²

As of market open on March 4, 2026.
As of market open on February 9, 2026 after being selected as a Top Pick at the CEM Whistler Capital Event.

Coming off its Top Pick recognition at the CEM Whistler Capital Event, BluEnergies CEO, Craig Steinke, sat down with us to discuss the company’s offshore Liberia strategy and what lies ahead.

Whistler was dominated by mining companies. Why do you think BluEnergies stood out as a Top Pick in that crowd?

“I think it stood out because it offered something fundamentally different. A lot of companies at Whistler are advancing good projects, but many are incremental by nature. BluEnergies is about scale. We’re a small company, but we’re positioned in an offshore basin that’s now attracting some of the world’s largest energy companies. Investors could see that contrast clearly … early entry, a large footprint, and growing validation from majors. That combination cuts across sectors.”

How did the story evolve from a single exploration idea into a basin-scale opportunity?

“It really started with the selection process itself. We didn’t stumble into the Harper Basin. We spent more than a year working through data from dozens of countries and sedimentary basins, narrowing things down to the few opportunities that could actually move the needle for a company our size. Harper stood out because it combined scale, the right geology, and existing seismic coverage in a basin that had never been drilled.

At first, we thought we were looking at one or two basin floor fan targets. As we dug deeper into the seismic data, it became clear there were multiple fans stacked across our acreage. That was the moment it shifted from a single-shot exploration idea into a broader basin-scale opportunity with repeatable targets. That kind of setup is what attracts major companies and changes how you think about both risk and upside.”

Why invest in BluEnergies now?

“2026 is about tightening the picture. We’re reprocessing seismic with modern techniques, completing seabed and heat-flow surveys, and moving toward the decisions that matter, like production-sharing contracts and drilling. For investors, the timing question is important. Right now, you’re still early. The basin isn’t proven yet, but we already have scale, a large land position, and a major partner involved. As milestones get cleared, uncertainty comes down, but so does the leverage. Some investors wait for that. Others prefer to be positioned before the story is fully de-risked.”

Our View

Early, scaled exposure
BluEnergies offers rare small-cap exposure to a large, undrilled offshore opportunity, controlling roughly 40% of the available acreage in the Harper Basin. That kind of position is unusual at this stage and helps explain why the company is drawing attention well beyond its market size.
Validation and de-risking
The entry of global majors around BluEnergies’ acreage, and its partnership with TotalEnergies, materially strengthens the investment case. This is not isolated speculation. It reflects capital and technical expertise moving toward a large-scale opportunity.
Why timing matters
With seismic reprocessing underway, further technical work planned, and a new Liberian licensing round expected in 2026, BluEnergies is approaching key decision points. This remains a high-risk, high-reward exploration story, where current valuations reflect early-stage uncertainty rather than the potential upside if the geology is confirmed.

2026 CEM Capital Event Schedule

Scottsdale Capital Event — April 10–12, 2026

Bermuda Capital Event — June 12–14, 2026

TSX Venture Growth Capital Event — July 17–19, 2026

Muskoka Capital Event — September 25–27, 2026

Do You Qualify to Attend?

Warm Regards and Happy Investing,
Fabian Dawson

Weekly Insight

Each week, CEM Partner and Portfolio Manager Ryan Iverson spotlights the ideas and companies sparking investor interest from emerging growth stories to the Top Picks featured across CEM’s Capital Events. This series brings real insights from the innovators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities. In this segment, he tells BluEnergie's story.