London Stock Exchange-listed Cloudbreak Discovery has partnered with Gondwana Petroleum Namibia, Timeworn Investments, Pioneer Oil and Gas Consulting and a Swiss Based Asset Manager to explore oil in Namibia.
The six companies entered into a Mineral Application Cooperation Agreement (MACA) to jointly work towards the submission of an application to acquire Petroleum Exploration License 1724 to the Ministry of Mines and Energy.
As part of the agreement, Cloudbreak will act as a financial partner and sit on the joint operating committee giving corporate direction and reviewing technical information.
Kyler Hardy, President and CEO of Cloudbreak said by deploying its project generation methodology and strategies into the energy sector, the company has an opportunity to expand the scope of its exploration and development projects.
“Recent discoveries by several major and midsized global energy companies in Namibia have opened significant opportunities 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,” he said.
The latest development comes as NAMCOR and its partners, Shell Namibia Upstream B.V and Qatar Energy, are said to have discovered a working petroleum system for light oil in the Orange Basin, 270 km from the town of Oranjemund, where drilling operations commenced in early December 2021 and were safely completed in early February 2022.
TotalEnergies, alongside QatarEnergy, and Impact Oil and Gas have also announced the Venus-1X discovery, located approximately 290 kilometres off the coast of Namibia, in the deep-water offshore exploration Block 2913B, which covers approximately 8,215 km².
Cloudbreak Discovery PLC, is a leading natural resource project generator, working across a wide array of mineral assets.
