MEL management have large personal shareholdings in the company...

MEL management have large personal shareholdings in the company and are in general disinclined to talk up the company just for the sake of boosting the share price (a possible exception being before the recent SPP, for good practical reasons). What does that tell you? It tells you that they realise the long term value of the company and are confident that the market will appreciate that value in the fullness of time. So they are unlikely to approve a JV with only some of the results in unless it is for a very good price or else there is some sort of deal whereby MEL receives patment for every future petajoule of gas discovered.

As for the possible JV partner, my guess is still one of the large integrated energy companies.