• LB-32 is covered by approximately 656 km² of 3D seismic (the eastern portion of the ~6,167 km² TGS* Sunfish 3D survey) and approximately 753 line-km of 2D seismic
• Commercial terms and license agreement executed with TGS to assess the LB-32 portion of the Sunfish 3D (approximately 678 km² area of entitlement), comprising PSDM stack, near/mid/far angle stacks and velocities as well as the 753 line-km of 2D seismic
• Appointment of Molyneux Advisors, a Perth-based independent provider of upstream technical advice to the energy industry, to undertake the subsurface risk and prospectivity assessment of LB-32
• Multiple play types to be assessed, with the aim of generating an internal lead and prospect inventory for LB-32 ahead of a maiden Prospective Resource estimate
• The Company has agreed commercial terms with TGS and executed an agreement to licence the LB-32 portion of both the Sunfish 3D survey as well as legacy 2D seismic. Deliverables comprise the pre-stack depth migrated (PSDM) full stack, near, mid and far angle stacks and the migration velocity model. The Company also holds an option to upgrade to TGS’s 2026 Kirchhoff PSDM reprocessed Sunfish 3D seismic product, which TGS has scheduled for release in the second half of 2026 and is designed to improve imaging of Upper Cretaceous targets while preserving AVO fidelity.

Liberia’s offshore petroleum sector was reformed in 2019 through amendment of the petroleum exploration and production law, which established the LPRA as an independent regulator and separated regulatory oversight from the commercial functions of the National Oil Company of Liberia (“NOCAL”). Licensing now proceeds under a direct negotiation and executive allocation framework against a model PSC, and the fiscal terms are designed to provide stability and transparency to investors.

The reforms have been followed by the first upstream contracts signed in Liberia in more than a decade. In September 2025, TotalEnergies signed PSCs over Blocks LB-6, LB-11, LB-17 and LB-29, covering approximately 12,700 km², with a firm 3D seismic commitment, and Atlas Oranto Petroleum signed PSCs over a further four blocks; both sets of contracts were ratified by the Liberian legislature in December 2025 and TotalEnergies has commenced its 2026 work program. In parallel, TGS and NOCAL are completing a multi-year program to reprocess all available 2D and 3D seismic offshore Liberia to modern pre-stack depth standards, which materially lowers the cost and time required for a new entrant to reach a drill decision.

The Harper Basin itself is an undrilled embayment of approximately 20,000 km² bounded by the Grand Cess and Cape Palmas transforms, immediately north-west of the Ivorian basins that host Baleine. An active oil-prone petroleum system is confirmed in the adjacent Liberian Basin, where live oil including 38° API oil at Narina-1 was recovered from Upper Cretaceous slope fan and channel sandstones during the 2009–2016 drilling campaigns. LB-32 covers 2,322 km² in water depths of approximately 1,500 m to 4,200 m and was the last unlicensed block in the Harper Basin when PetroQuest secured its rights.