Cloudbreak Discovery eyes oil, gas exploration in Namibia
London-listed Cloudbreak Discovery has joined hands with Gondwana Petroleum Namibia, Timeworn Investments, Pioneer Oil and Gas Consulting and a Swiss based asset manager to apply to acquire Block 1724 in Namibia, it said on April 7.
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 agreement among the parties, 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.
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Should the block be awarded to the group, Cloudbreak will provide financial guarantee of up to $120,000 to support exploration initiatives during the first year. In exchange for Cloudbreak's participation as financial partner, it will receive a 10% interest in the oil and gas block.
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 company said.