I think this will be set during the same timeframe as the first movie but in a different location, so neither a prequel or sequel but rather a different perspective.
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Re: Cloverfield sequel! 10 Cloverfield Lane
My take on it.
It's obviously set in a fall out shelter of some sort.
I expect the bulk of the film will be set in the shelter and at the end we go outside to see the world post the Cloverfield field monster, however that looks.
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That's probably the best guess at present