TIDMCDL
RNS Number : 2897E
Cloudbreak Discovery PLC
06 July 2021
6 July 2021
Cloudbreak Discovery PLC
("Cloudbreak" or the "Company")
Imperial Helium Announces Spud of Initial Well at Steveville
Property
Cloudbreak Discovery PLC (LSE: CDL), a natural resource project
generator, is pleased to announce that Imperial Helium Corp.
("Imperial") in which Cloudbreak owns 1.25 per cent of the issued
and outstanding equity, has spud IHC Steveville 1 at
102/03-01-020-12W4M, Imperial Helium's first well on its Steveville
Helium Property, located in Southeastern Alberta, on schedule.
IHC Steveville 1 is the first of two appraisal wells Imperial
Helium plans to drill on the Steveville structure. This first well
targets the crest of the Steveville structure. With surface casing
set, the rig will drill forward and set intermediate casing in the
Stettler Formation, before continuing to a target depth of 2,047
metres. Upon reaching the target objective, a comprehensive suite
of well logs will be acquired and evaluated, before completing the
well and proceeding with production testing.
Kyler Hardy, CEO of Cloudbreak Discovery, commented: "This is a
very positive step for Imperial Helium at Steveville and the team
should be incredibly pleased to have reached this milestone. I look
forward to working with them on this project as they work to
establish the resource available."
David Johnson, Director and CEO of Imperial Helium, commented :
"We are incredibly pleased to spud our first well and have the
drill-bit smoothly turning to the right. We look forward to
providing shareholders with future updates regarding both well
results and those other value-creating initiatives that are planned
to follow drilling."
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
For additional information please contact:
Cloudbreak Discovery Tel: +1 604 428 9480
PLC
Kyler Hardy, CEO khardy@cloudbreakdiscovery.com
Kyle Hookey, Director khookey@cloudbreakdiscovery.com
Novum Securities Tel: +44 7399 9400
Financial Adviser
and Broker
David Coffman / Lucy
Bowden
Colin Rowbury
Blytheweigh Tel: +44 207 138 3204 Cloudbreak@blytheweigh.com
Financial PR/IR-London
Tim Blythe
Megan Ray
Alice McLaren
About the Steveville Helium Property
Imperial Helium's Steveville property is situated over a large
basement dome feature with four-way closure. The property is
approximately 200 kilometres ("km") east of Calgary and 40 km
northeast of Brooks where highways 544/876 cross the structure,
providing easy access for drilling and development. The property
includes land leased from Heritage Royalty Resource Corporation
covering 24,635 hectares (95 square miles), with rights for natural
gas, including helium, below the base of the Big Valley and Nisku
formations.
In the winter of 1940, the first deep well to be drilled in the
area was 13-22-020-12W4, which, owing to a mechanical failure on
surface, resulted in the Steveville blow-out. The blow-out is
estimated to have flowed at 50 million cubic feet per day
("MMcf/d") for 100 days. After the well was brought under control,
drilling resumed followed by production testing which came in at
six MMCf/d of non-burnable gas (87 per cent nitrogen; 0.63 per cent
helium). Subsequent wells 14-11-020-11W4, 16-11-020-12W4, and
01-24-020-11W4, which were drilled in 1953, 1974 and 2002,
respectively, confirm the structure. Imperial Helium has acquired
seismic data to provide an improved understanding of the basement
structure and select drilling locations.
About Cloudbreak
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. Diversification within the mining sector and amongst
resource classes is key to withstanding the cycles of natural
resource investing.
About Imperial Helium
Imperial Helium is focused on the exploration and development of
helium assets in North America. Driven by Canadian geoscience and
engineering expertise, in combination with their proprietary helium
well database, Imperial Helium is developing its asset base to meet
the growing global helium demand and supply shortfalls in the
market.
Forward-Looking and Cautionary Statements
Certain information included in this press release constitutes
forward-looking information under applicable securities
legislation. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project", "will" or
similar words suggesting future outcomes or statements regarding an
outlook. Forward-looking information in this press release may
include, but is not limited to, statements concerning: the exercise
of the Company's option under the Lease Agreement; drilling
activities; discovery activities including re-discovering and
capturing the Steveville blow-out; activities pursuant to the
Strategic Alliance Agreement; the satisfaction of the Escrow
Release Conditions and the business plan of the Company, generally,
including helium development and extraction. The forward-looking
statements contained in this press release are based on certain key
expectations and assumptions made by Imperial. Although Imperial
believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Imperial can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the helium
industry in general (e.g., operational risks in development,
exploration and production; the uncertainty of reserve estimates;
the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and
environmental risks), constraint in the availability of services,
commodity price and exchange rate fluctuations, the current
COVID-19 pandemic, changes in legislation impacting the helium
industry, adverse weather or break-up conditions and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures.
The forward-looking information contained in this press release
is made as of the date hereof and Imperial undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless required by applicable securities laws. The forward-looking
information contained in this press release is expressly qualified
by this cautionary statement.
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END
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July 06, 2021 02:00 ET (06:00 GMT)
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