Salty - Buru probably wouldn't have made that discovery without...

Salty - Buru probably wouldn't have made that discovery without the JV funding. The large budget has allowed them to do extensive exploration and they have a great partner.

I think using examples of bad JVs is not the way to look at it. What people want is good JVs to really get stuck into this vast area. Ideally the JVs are focussed on the shale plays which will need huge funding, but conventional JVs would also be handy. CTP's phased farmout plans are a good idea given the enormous area and the strong demand. They do not necessarily need to farmout the Surprise area, but if it's a good deal why not? A good JV may have alleviated the need for regular capital raisings, which can be just as dilutive as farmouts.

Even Exxon seldom goes in at 100%. It is simple risk and capital management.