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Cloudbreak partners to explore for oil and gas in Namibia

Published by , Editorial Assistant
Oilfield Technology,

Cloudbreak Discovery, a leading natural resource project generator, is pleased to announce that it has entered into an agreement with Ultimate Resources Canada Ltd., and 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 US$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."

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