REG - Cloudbreak Discovery - Partnership to Explore for Oil & Gas in Namibia

Cloudbreak DiscoveryAnnouncement

13/04/2022 07:15

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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 resource 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 PLC                                    Tel: +1 604 428 9480

                                                             Kyler Hardy, CEO                khardy@cloudbreakdiscovery.com (mailto: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 (mailto:Cloudbreak@blytheray.com)

 (Financial PR/IR-London)
                                                             Tim Blythe

                                                             Megan Ray

 Stellium Services                                           Tel: +44(0)207 129 1205         Cloudbreak@StelliumServices.com (mailto:Cloudbreak@StelliumServices.com)

 (Investor Relations)
 www.StelliumServices.com (http://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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