"What am I missing? Why is the prevalent thinking that the JV is limited to these 3 wells?"
You're not missing a thing Cmon. I think the boys are 'in the showers' to use the football vernacular, and there's quite a bit of towel flicking going on.
For the record (I might have started something yesterday by toying with an idea or two)
...THE JV GIVES HK 70% OF THE WHOLE PROPERTY!