Cloudbreak Discovery PLC Partnership to Explore for Oil & Gas in Namibia (1737I)
13 Abril 2022 - 1:15AM
UK Regulatory
TIDMCDL
RNS Number : 1737I
Cloudbreak Discovery PLC
13 April 2022
13 April 2022
Cloudbreak Discovery Plc
("Cloudbreak" or the "Company")
Cloudbreak Partners to Explore for Oil and Gas in Namibia
Cloudbreak Discovery PLC (LSE: CDL) , a leading natural r
esource project generator, is pleased to announce that it has
entered into an agreement with Ultimate Resources Canada Ltd.
("Ultimate") and Masterstroke Investments Pty Ltd. ("Masterstroke")
to submit a petroleum development agreement and enter final
negotiations for Petroleum Exploration Licence Block 2019 ("Block
2019") in Namibia.
Cloudbreak will act as a financial partner and sit on the joint
operating committee giving corporate direction and reviewing
technical information. In exchange for providing a financial
guarantee of USD $70,000 to the Ministry of Mines and Energy in
Namibia for the first phase exploration programme proposed to be
undertaken as part of the application for Block 2019, Cloudbreak
will be granted a 20% interest in Prosper Africa Resources Limited
("Prosper") which is the holding entity negotiating for Block 2019.
Additionally, Cloudbreak is granted a right to participate in all
future equity offerings in Prosper for up to 10% of the
offering.
Kyler Hardy, President and CEO of Cloudbreak , commented, "This
agreement provides another exciting opportunity in Cloudbreak's
diversification strategy into the energy sector. The technical and
management team we have partnered with has decades of experience in
the international energy sector and specifically in the development
of early-stage energy opportunities. We believe there could be
significant opportunity across the energy sector for Cloudbreak
through the deployment of our project generator model. I look
forward to working closely with the team on the ground as we begin
to realise the potential."
About Block 2019
Namibian exploration for oil and gas is still early stage with
several Karoo Basins across the Southern Trans-African Rift and
Shear System largely untested. These basins are highly prospective
hosts for oil and gas. 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 2019 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.
Petroleum Exploration License Block 2019 is targeting the
Waterberg basin and is located in central northeast Namibia. The
Tevrede Formation has seen greater research focus to the west than
the Block 2019 area and provides a proxy of the basin development
with both sound exposure of the stratigraphy and well mapped
structural conditions. The stratigraphy in this part of the basin
has been mapped as basal muddy sandstones, with rounded polymictic
metamorphic pebbles, these reworked Dywka glacial deposits are
overlain by carbonaceous mudstones, which have been observed to be
interfingered with coal seams and are sub-divided by fluvial
sandstones. Next steps on the project will be to continue to gather
geophysical data and further delineate the basin, refining
targeting of the favorable stratigraphy on the exploration
license.
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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