RE:WcpThose are good questions Taal.
I think that they certainly did engage in JV discussions. As we know, offshore development will cost well in excess of $5B when using offset examples. Frontera does not have this money. Neither does CGX. Its very possible low ball bids have come into play and other JV partners are going to make Frontera/CGX take all the risk in finding the oil before any deal is made since they know cash is not exactly that easy for either company to access. Who knows though what has truly happened behind the scenes.
Either way, when Frontera talks for over a year about 'strategic alternatives' and 'looking to optimize shareholder value', a JV is strongly implied. If there goal was to just drill the Kawa-1 well on their own, they should have been up front and showed convinction and not hide behind flowery statements. Instead they killed time, left many in the dark with how the well would be funded until their recent rights offering, and in essence did not show full confidence until they absolutely had too.
Let's be real everyone... $1.20 share price with the reservoir zones about to be drilled in the coming days/weeks is a real joke. I mean, its beyond pathetic. In essence, us shareholders are getting no 'bump up value' for the opportunity and instead are hoping the well is successful to make big profits.