The purpose of the MACA is to jointly work towards submission of an application to acquire Petroleum Exploration License 1724 in Namibia.
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 MACA, 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 the required financial guarantee of up to US$120 000 to support exploration initiatives during the first year. 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 has 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."
Read the latest issue of Oilfield Technology in full for free: Spring 2022
Oilfield Technology’s first issue of 2022 begins with analysis from Wood Mackenzie on the disconnect between surging oil prices and US oil production growth and investment. The rest of the issue is dedicated to features covering sand removal technology, dissolvable frac plug technology, digitalisation of offshore operations, annular intervention, oilfield chemicals, subsea compression systems and smart instrument measurement.
Exclusive contributions come from TETRA Technologies, NOV, Archer, Expro, Locus Bio-Energy Solutions, AES Drilling Fluids, MAN Energy Solutions and Winters Instruments.
Read the article online at: https://www.oilfieldtechnology.com/exploration/07042022/cloudbreak-discovery-to-participate-in-exploration-in-namibia/
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