>Meanwhile the clock is still ticking down for Exxon to tell us what we already know that they are game to move on to Phase II

I think they already told us that back in July in the WSJ article:

"The company also has a joint exploration program with MOL Hungarian Oil & Gas, in the Mako Trough of southeast Hungary. It will evaluate its findings for two to three years before deciding whether production would be commercially viable, the company said."

Ring, ring....

Falcon Oil, Marc Bruner speaking.

Hi Marc, it's Rex. Just wanted to let you know we have no plans to proceed with phase II. After we test the Hod-1, we're gonna evaluate the findings for 2 or 3 years first. If we like what we see, we'll give you a call in 2012. In the meantime, do me a favour will ya and hang on to the license just in case, and don't make any deals with any of our competition. Just sit tight and wait for us to make up our minds.

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"Evaluting the findings for 2 or 3 years" surely doesn't mean sitting in an office looking at well logs on a couple of wells that they would no longer own.

Evaluate: to determine or set the value or amount of; appraise: to evaluate property.

"Phase II" is officially called the "Appraisal Work Program" and is expected to last approx 2 years.

If Exxon wants to "evaluate it's findings" for a couple of years, which was the plan all along anyway, they only way they can do that is to proceed with Phase II.