>I am not so sure this is referring to the Foldeak well as in the JV agreement, the Appraisal Phase has to be completed before Exxon would have the option of retaining an interest in any wellbores drilled. Couldn't find any reference to the matter in the Operating Agreement.

I agree with you without reservation. In fact the whole article in the VHG is without reference to actual sources from XOM and furthermore is full of misstatement of facts.