20% of what exactly...

According to RNS of 10.01.2011

"Red Emperor to acquire 20% interest in two key Georgian oil & gas
blocks"

According to Prospectus of 31.01.2011, p21 8.2(b)

"As announced to ASX on 10 January 2011, the Company has entered into a heads of agreement with Range Resources Limited and Strait Oil & Gas (UK) Limited (Strait UK) to acquire a 20% farm‐in interest in the Georgian Project.

Pursuant to the agreement, Red Emperor will be issued shares in the capital of Strait UK so that Red Emperor will hold 20% of the total capital on issue in Strait UK (Strait Shares).

Strait UK holds a 100% interest in the Georgian Project through its wholly owned subsidiaries, Strait Oil and Gas (Georgia) LLC and Strait Oil and Gas Ltd (Gibraltar)."

Thanks to Noodles on RUM for pointing this out. This has been discussed in great detail on RUM (http://groups.google.com/group/underground-mail)

Obviously 20% of Strait UK is a much better deal than 20% of 2 blocks...