BTW, they didn't "give up" 75% of it. The Exxon / MOL interest is 67% of 75% of the production license area.

"The Contract Area consists of approximately 184,300 acres, or 75% of Falcon’s 246,000-acre Production License. The Contract Area will be owned jointly, with Falcon owning a 33% undivided working interest and ExxonMobil owning a 67% undivided working interest."

Gee Lanman, how many times have we tried to explain Falcon's interest in the JV lands? I've lost count :) Then there is another fact, which most people seems to lose sight of, that Falcon has 49.9% interest in the production licence.

Falcon owns a 35 year production licence on 240,000 acres of the Makó trough.

75% of that or 184,300 is under a JV contract with Exxon/MOL

Falcon retained 100% ownership on 25% of production licence or 61,445 acres.

Now, lets add up one third of JV lands (184,300/3) 61,433 + 61,445=122,878 acres

Falcon's acreage is 122,878 out of 240,000 acre of total production licence.

And that is 49.9% of the whole. Of course, if we sign on another partner on that track of land, our share will be less. However, we should be able get a 50-50 partner, and that would give us a 38.4% interest in the entire Production Licence.