I need to agree with Phil in this case. I believe a JV for the remaining 100% FO land was expected all along. i don't think that this is MB playing mind games with EOM.

I think in general, this is good news for Falcon share holders, and I am relieved that the market isn't reacting the same way as last time a JV search was announced.

I am reluctant to say this, but I think I would like to see a JV partner come in with an agreement where Falcon would be the well operator. They should be able to apply some of the EOM/MOL knowledge to help construct/complete their own wells. All this while someone else is funding the drilling program.

I think the best opportunity in the short term lies in the shallow gas. Getting a few low cost shallow wells on line would get some cash flow coming in. This money could then be used to develop the deeper reserves.