Cloudbreak Discovery PLC Participation in Oil & Gas Exploration in Namibia (5526H)
07 Abril 2022 - 01:01AM
UK Regulatory
TIDMCDL
RNS Number : 5526H
Cloudbreak Discovery PLC
07 April 2022
07 April 2022
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
Cloudbreak to Participate in Oil and Gas Exploration in
Namibia
Cloudbreak Discovery PLC (LSE: CDL) is pleased to announce that
it has entered into a Mineral Application Cooperation Agreement
("MACA") with Gondwana Petroleum Namibia Pty Ltd. ("Gondwana"),
Timeworn Investments Pty Ltd. ("Timeworn"), Pioneer Oil and Gas
Consulting CC ("Pioneer") and a Swiss Based Asset Manager ("SBAM")
(the "Group"). The purpose of the MACA is to jointly work towards
submission of an application to acquire Petroleum Exploration
License 1724 ("Block 1724") in Namibia.
Cloudbreak will act as a financial partner and sit on the joint
operating committee giving corporate direction and reviewing
technical information. As part of the MACA, Cloudbreak has provided
a letter of financial comfort that has been submitted to the
Ministry of Mines and Energy in Namibia with the application for
Block 1724. Should the block be awarded to the Group, Cloudbreak
will provide the required financial guarantee of up to USD $120,000
to support exploration initiatives during the first year. The
financial guarantee will be replaced as soon as practical by a new
holding company. In exchange for Cloudbreak's participation as
financial partner, it will receive a 10% interest in Block 1724.
Additionally, should the award of Block 1724 be offered by the
Ministry of Mines and Energy, the MACA will be replaced by a
definitive agreement prior to accepting the award of Block
1724.
Kyler Hardy, President and CEO of Cloudbreak , commented, "By
deploying our project generation methodology and strategies into
the energy sector, Cloudbreak has an opportunity to expand the
scope of our exploration and development projects. Recent
discoveries by several major and midsized global energy companies
in Namibia has opened significant opportunity to participate in new
exploration initiatives in the country. Our local partners have
been exploring and consulting for decades in the region and we are
excited to work with them to advance this opportunity. We look
forward to keeping shareholders updated with our progress."
About Block 1724
Namibian exploration for oil and gas is still early stage with
several Karoo Basins across the Southern Trans-African Rift and
Shear System remaining largely untested. These basins are highly
prospective hosts for oil and gas occurrences. Initial exploration
has yielded positive indications of the mineral potential. These
basins are comprised of thick sequences of sedimentary materials
ranging in composition from conglomerates to mudstones with
observed carbonaceous content, specifically several coal deposits
and seams. The interactions of the Southern Trans-African Rift
system have played a key role in basin development as intra-basin
transfer faults. The same tectonic processes provided the drivers
for hydrocarbon development in the region. Block 1724 is a
conceptual early-stage regional exploration target with a solid
geologic thesis, as such, additional data collection and
compilation will be required to further refine the target area.
The targets are thick sequences of sandstone and conglomerates
overlain by very thick interbedded shales and mudstones within the
Carboniferous-Permian Caprivi Basin, specifically along the Caprivi
strip. The interpretation of the data indicates several deep-seated
basement structures and have improved constraints on target depths.
The geophysical data indicates depth to crystalline basement varies
between 4,000 to 7,000 m below surface. Interpretation has denoted
two areas of particular interest, Zone A and Zone B targets, these
targets are comprised of gravity and magnetic lows, with low
amplitude magnetic signatures indicative of thick these thicker
sequences within interpreted depocenters.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Qualified Person
Mr. Rory Kutluoglu P. Geo., Chief Operation Officer of the
Company, is the Qualified Person ("QP") under NI 43-101 for the
technical information in this news release, has verified the data
disclosed and approves the technical contents contained in this
news release.
-ENDS-
For additional information please contact:
Cloudbreak Discovery Tel: +1 604 428 9480
PLC
Kyler Hardy, CEO khardy@cloudbreakdiscovery.com
Novum Securities Tel: +44 7399 9400
(Financial Adviser)
David Coffman / Lucy
Bowden
Shard Capital Partners Tel: +44 207 186 9900
(Broker)
Damon Heath / Isabella
Pierre
BlytheRay Tel: +44 207 138 3204 Cloudbreak@blytheray.com
(Financial PR/IR-London)
Tim Blythe
Megan Ray
Stellium Services Tel: +44(0)207 129 Cloudbreak@StelliumServices.com
(Investor Relations) 1205
www.StelliumServices.com Andrew Wilson
Claire Bowden
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC, is a leading natural resource project
generator, working across a wide array of mineral assets that are
being developed and managed by an experienced team with a proven
track record. Value accretion within the projects being developed
by Cloudbreak's generative model enables a multi-asset approach to
investing and exploration. Diversification within the mining sector
and amongst resource classes is key to withstanding the cycles of
natural resource investing.
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END
AGREANLKEEPAEFA
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April 07, 2022 02:01 ET (06:01 GMT)
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