RE:JVI agree taal with your post here.
Another thing to look at is that Frontera does hedge a lot of their production. Besides the obvious of not getting full market value of ~$75/bbl Brent right now for all of their 40k boed (close to 50% produciton is hedged till end 3Q), it implies that Frontera's board is risk adverse to a large degree. Otherwise, why hedge at all?
Anyway, my point is that if they are willing to hedge against oil, why would they not hedge against a massive risk with offshore drilling by bringing along someone else with big money? Yes, the up-front reward will not be as great (similar to hedging and losing out on maximum oil prices when times are good), but least you are protected in the event of a lesser than ideal drill result. So with that, I do think a JV is still coming. Time will tell I suppose.
Price is looking great again today... definitely exciting times at any rate!!