I am not a subscriber to Jocam's newsletter yet (don't have a credit card) - so i am not sure whether he has mentioned this, but...
The onshore Louisana JV is with a couple of private companies. The capital costs if developed will be lower than offshore, as will the operating costs. Petsec are only contributing drilling cost equal to their working interest percentage in the wells. There is the possibility that other similar onshore opportunities will be presented to the company in the next few months from the same JV partners.
I think this is very positive. Provides a level of diversification, and increases the prospective production and reserves over and above their planned offshore wells.
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