RE: Beware of the posts."About Block 1711
Kunene holds a 3% carried interest inPetroleum Exploration License ("EL") 1711, Sintezneftegaz, a Federationof Russia oil and gas company based in Moscow holds a 70% workinginterest, PetroSA, South Africa's national oil company holds a 10%working interest, EnerGulf Resources Inc (TSX-V listed) holds a 10%working interest and NAMCOR, the national oil company of Namibia holdsa 7% carried interest.
EL 1711 is located in the Namibe basin offthe northern coast of Namibia along the international boundary withAngola. Two individual prospects, the Kunene and Hartmann have beenidentified by 3-D seismic along with other undeveloped leads. Thesyndicate is targeting a potential multi-billion barrel oil and gasresource with drilling scheduled to commence in March 2008.
About Block 2713 A&B
Kuneneholds a 100% interest in EL 2713 A&B covering an area of about10,000 square kilometers situated on the boundary between the Luderitzand the Orange Basins offshore Namibia. The block is located inproximity to Tullow's proven Kudu Gas field and adjacent to ELscurrently being explored by Hunt Oil and BHP.
The blocks arepartially covered with modern 2D seismic and especially the western2713B. Kunene is planning to conduct 3-D seismic over the entire blockwith the objective of developing leads for future drilling programs.Kunene will seek partners interested to earn their interest byparticipating in drilling the leads.
Terms
Pursuant to theterms of the LOI dated February 25, 2008 the Company will acquire 100%of all the issued and outstanding securities in the capital of CabanasBusiness Group Ltd ("Cabanas"), which owns 20% of all the issued andoutstanding securities of Kunene. In addition, Cabanas has been grantedthe option to acquire an additional 70% interest in Kunene and ifexercised, would give the Company a 90% interest in Kunene."
Universal to Purchase Namibian Oil & Gas Assets