Ann: DRILLING RECOMMENCES AT MACINTYRE-2 WELL , page-4

In my opinion there are a few ways of reading what PFC management has said:

1. They are very confident of what they have seen so far. Therefore they are taking their time to negotiate the best deal out of a potential JV partner(having said that they have already gotten a very good deal out of BKP).

2.They are somewhat confident of the results and are trying to get a JV onboard (or would have liked to have gotten one by now)so they can explore more areas if the ones that are in current capital program turn out not to be commercial.

3.They are not confident at all with what they have found (or a duster as Camdenbob indicated a while ago), but are trying to imply that they are confident by spending another $18 odd mil, hoping that by the time the facts come out of this program, they will have sucked in a JV partner.

I personally would like to go with the first scenario. I am sure they would have been able to dupe the CVE and come up with a few spins to pump the share price and gone for a CR if they were not confident of getting a good JV on board.
I do agree that this management's style is not very conventional. That is enough reason for me to be sceptic of them.
All in my humble opinion...Good luck all...