Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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Message: Exxon's election to proceed to the next phase

Exxon's election to proceed to the next phase

posted on Nov 26, 2009 09:08AM

Mark this date in your calendar: February 28 2010

The Initial Work Program was completed on October 30, 2009. ExxonMobil is now in the 120-day evaluation period, after which time ExxonMobil has the right to proceed to the next phase (the “Appraisal Work Program”), or to terminate the PDA. If ExxonMobil elects to proceed forward, ExxonMobil and MOL will pay the Company an aggregate of an additional $50 million and will be required to expend an aggregate of $100 million. A portion of the work commitment may be applied to drill one or more wells based on the optimum location from a Makó Trough-wide standpoint. If ExxonMobil elects not to proceed beyond the Initial Work Program, ExxonMobil will relinquish and reassign all of its rights and ownership in the Contract Area to the Company.”

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