>MOL first justified its mistake by contending that Mako was of NO economic value. When it realized that justification was untenable, it minimized Mako’s value, and disparaged FO and TXM’ work on Mako as incompetents who wasted $300Mil on the project before a World Class operator (XOM) was invited in by MOL to save Mako for the Hungarian people.

For those who may not have been around at the time, here are some words from the CEO of MOL in March 2007

SUBJECT: RE: Hungarian Article - translation Posted By: petipajtas Posted Time: 3/26/2007 04:38 EST

This is an interview with the president of the MOL. The FO related part:

Question: What is your opinion on Falcon's operation at the Mako Trough? Do you think it is possible that we could export gas within a few years?

Answer: I don't think this will happen in the near future. We know the Mako Trough for 30 years, 50% of its area belongs to MOL, so we hope FO will succeed, however, as we know, there is no way to exploit the gas in an industrial amount from that deep economically. I have to tell you there is no precedent for this kind of exploitation.

And then a few months later:

SUBJECT: RE: Hungarian Press 2 Posted By: petipajtas Posted Time: 5/29/2007 08:50 EST

The Falcon related part:

It was impossible not to notice Zsolt Hernadi having a smile under his mustache when he has been recently asked what his opinion was on Falcon's gas-find, which could satisfy Hungary's domestic consumption.