this could bolt at anytime, page-24

there is no oil.

WHN hold prospects that is it.

there is no guarantee of GETTING a JV partner.lots of east or west africa up for grabs.

the super duper majors can buy out the whole show later if oil is found.medium aggressive exploration JV's would be the target for WHN as they want to build the company.

previous associations by management to major companies may play a factor for a larger JV company.

the major validation point ,if they find oil,is the proximity of the nearest refinery.as the oil will be offloaded from FPSO.
http://www.google.com.au/search?q=fpso&hl=en&rlz=1C1CHKB_en-GBAU443AU443&biw=1280&bih=709&prmd=imvns&tbm=isch&tbo=u&source=univ&sa=X&ei=MG4mT47pI-SOiAfBmJjSDw&sqi=2&ved=0CEcQsAQ

some standard terms of JV's are the reimbursement of money spent on the prospects as the JV will now hold and control future events with walk away clauses if the future work program does not have satisfactory results.

IMHO a fair call for SP rise for a solid JV partner would be 25 to 40% price increase.may have higher spikes for an hour or two.
once settled slowly slip back to 6.2 t0 6.8 as we wait for the next seismic that will take over 6 months.

possible wild cards are SHELL's palta-1 well which should be announced in the next 2 months-ish.

wg