Ann: Conventional Portfolio Update, page-27

Not necessarily JH.  The 88E/BEX JV does not own the land (that belongs typically to SoA, and in some few instances some few acreas may be 'owned' by a native corporation).  However, we do 'own' (via leasehold) all the O&G rights within the stipulated acres, subject to certain T's&C's (eg annual lease payments; commitments to exploration activity within certain time frames; permitting before doing anything and everything; royalties on production etc etc).  What we do with those rights is up to us.  If we are able to delineate between different plays within a set acreage, then there is nothing stopping us having different partners (or not) for each play.  Indeed, the fact that the conventional farm-out and the unconventional farm-out are two separate processes on separate timetables, yet are largely on the same acreage would suggest that the BoD is pursuing these separately.  Almost certainly because each haven't been 'explored' to a comparable stage and hence would likely generate more value as 'sum of the parts', if farmed when each is at optimal stage of exploration - rather than as 'the whole' when one is sub-optimally explored relative to the other.

Hope this makes sense. As always, IMO only and I may be totally wrong.