Cloudbreak to participate in oil and gas exploration in Namibia

Namibia 8 AprilCloudbreak Discovery has entered into a Mineral Application Cooperation Agreement (MACA) with Gondwana Petroleum Namibia, Timeworn Investments, Pioneer Oil and Gas Consulting and a Swiss Based Asset Manager (SBAM)

The aim is to jointly work towards submission of an application to acquire Petroleum Exploration License 1724 in Namibia.

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 have 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,” Hardy added.

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