Actually what KWG said in their NR was absolutely correct, the truth but not the whole truth. 

As of this moment in time, they and SPQ are 50/50 on the UC JV.  What they did not continue to say, is that should anything interesting be found from the UC drilling, then SPQ has the right under the 2006 agreement to continue funding subsequent drilling until KWG's interest is watered down to a 1/3 - 2/3 proportion (of 45%), which in this case translates into 15% -30%. 

Of course if UC's drilling is unsuccessful and SPQ chooses not to spend any more money on the property, then the ratio will remain 22.5 - 22.5.