gifter2I think you'll find Frank Hill was put in the bunch of...

gifter2

I think you'll find Frank Hill was put in the bunch of tenements that are in the JV with PAN.
I get the impression the prime land has been kept 100% in THX hands...eg Rosewood.
With PAN running these JV tenements, they are basically responsible for them, as I understand the holder is obliged to be doing something with tenements they hold, otherwise they will loose them.
THX has got more important areas they want to explore, so I don't think it was a bad idea doing what they did.
PAN is obliged under the terms with THX to spend [I think] around $3m over 2 or 3 years.
If they find something of note and mine it, THX obviously gains from that.
There are a few other areas which I think THX would also be prepared to do JV's, as they are awkward, not easily accessible pieces of land, in WA.

Regards
Dabru