>If Exxon thinks it isn't worth it -- why wait 120 days? Since they haven't said -- it is probably because they are still doing their analysis and negotiations.

Exxon doesnt have to do anything if they don't want to move forward, so technically, we don't know if they are waiting or not.

"A failure to provide the Appraisal Option Notice within said period shall be deemed to be an election not to proceed with said next phase of operations."

In other words, Exxon does not have to notify Falcon if they do not want to proceed to phase 2. They only have to notify Falcon if they do.