The events of the last few days have shown us a few things:

1. Falcon still runs a leaky ship

2. The communication between the 3 partners is less than perfect

3. and, the market was really looking at this as a black or white play

I am far from an expert on the matter, but my take on their current situation is that , as Rigger said, one test does not dictate how the field will perform.

The difference between the "big boys", EOM for example, and smaller junior companies, is their tolerance for risk. This is both good and bad. Exxon must believe there is some value in the Mako, but in many cases they are going to be behind the 8-ball on the latest technology due to the glacial rate at which companies like this adapt to new technology (read -red tape)

There is technology available already for well like this. HTHP packers for zonal isolation, sliding sleeves for closing off water production, isolation/multi-zone fracing technology to avoid aquifers, specialized drilling and completion fluids, and horizontal drilling to open up the wellbore to much more payzone.

What I (and I expect the general market as well) would like to see from falcon here, is a road map on where they plan on going now. Without some guidance from the company, I expect that investors will start (or finish) bailing on this play.

I am still holing onto my shares here because I believe the tools to extract gas from the Mako exist, but I hope they can figure out how to use them before the money is gone.

Silverhound