>That makes sense lanman1 but what about the betaloo ? would you add the additional possible TCF ?

Not at this time, no. Not until they can prove the existance of a BCGA or conventional oil accumulations through the drillbit.

>So if FO had a company performance like UPL, then it could reach a SP of US$25.

I don't see why not. It just wouldn't happen overnight.

>If everything works out good with the mako, when would a buyout be likely to occur and would this mean that the TXM would be bought or the whole mother FO ?

As a pure guess, I would say sometime before 2012. As to how it would be structured I have no idea. All that matters right now is that if Exxon can make the play work, then Falcon is worth a heck of a lot more than it is today.