JV will happen before the flow test. Even tho LA almost took out the entire rig with over pressured gas and they have no idea how big it could be or deep. The plan won’t be to bet the farm pre JV partner on a successful flow test. Partner will be locked in so full 18 months of work program secured. JV Partner will come on before.
Also JV partner will likely pay ball park $60m- $80m for between 10-20%, so IVZ keep ownership, meaning their valuing it on data room details not current SP. So potentially $500m plus.
JV will happen before the flow test. Even tho LA almost took out...
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