"--there are other wells and one failure cant mean the whole trough is full of crappy gas and water"

This is the one statement you made that makes the most sense from my perspective and probably from MOL's point of view as well.

MOL knows they are sitting on top of one of the biggest gas prizes in Europe, so I doubt they are just going to throw up their hands and start day trading as a new way to make money from the Mako Trough. Falcon owns a 35 year production license to probably the better half of the Mako Trough and the first successful well (and there will be one - we just don't know exactly when anymore) will send Falcon's stock back over $1 very quickly. In the meantime the BOD has to do more hard work and find us another JV for the lands outside the current MOL/Exxon JV and someone to pony up some working capital for a shot at the Beetaloo. The market was pricing in an almost total collapse of Falcon and then MOL comes out this morning and says "not so fast here folks - we haven't given up on anything".

Regards Paul