RE: Beware of the posts.
"Universalholds an option to increase its ownership in Kunene from 20% to 90%.The additional 70% will cost the Company $5,000,000 and considerationwill be cash of $1,500,000 and shares for the balance. The Company hasuntil September 15, 2008 to exercise this option.
Kunene is aNamibian BEE company founded by local businessman Knowledge Katti, andis positioned to hold strategic interests in high profile African oiland gas projects. Mr. Katti is also a director of Universal.
Kunene'smost advanced project is Petroleum Exploration License 1711 in theNamibe Basin off the coast of Namibia. The operator and majority holderof Block 1711, Russia based Sintezneftegaz, has commenced drilling,targeting a multi-billion barrel oil and gas resource. Kunene has a 3%carried interest in Block 1711 and this interest is carried toproduction."
Universal Closes Purchase of Namibian Oil & Gas Assets
UNX invested in the company Kunene who held both the interest in 1711 and 2713A&B, not in the blocks separately. This means that UNX didn't have 2.7% in 1711 until the decided to exercise their option last week which is also stated in the release:
Universal Exercises Options to Increase Ownership in Kunene Energy
"Upon completion of the acquisition, the Company will have a 2.7%carried interest in Block 1711 and a 90% working interest in Block2713A&B through its investment in Kunene Energy"