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    Cloudbreak Discovery eyes oil, gas exploration in Namibia

Summary

It has apply to acquire Block 1724 in Namibia.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Africa, Security of Supply, Corporate, Exploration & Production, Investments, News By Country, Namibia

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.

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.