"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.”

What happened to MOL's right to assume Exxon's interest (subject to FO approval)?

9. Option to Withdraw. Under this Agreement, at any time from the Initial Work Program Completion Date to 120 days thereafter, ExxonMobil shall have the option, to be exercised in ExxonMobil’s sole discretion, to relinquish its Participating Interest and all related rights and obligations and withdraw from this Agreement. In this event, all ExxonMobil’s obligations under this Agreement will terminate automatically, except for rights and obligations not yet fulfilled as of the effective date of such withdrawal, and ExxonMobil shall reassign to Falcon its rights and obligations without further consideration from either Party; provided, however, if ExxonMobil has elected to withdraw and has assigned an interest to MOL pursuant to Section 16, below, MOL (as a Party to this Agreement) shall have the option to:

(a) withdraw, in which event all of the portion of the Initial Participating Interest

which was assigned to MOL shall be reassigned to Falcon and relinquished; or

(b) elect to accept all rights and obligations related to the portion of the Initial

Participating Interest which was not assigned to MOL pursuant to Section 16,

below and which ExxonMobil it owns at the time of ExxonMobil’s withdrawal

(“ExxonMobil Participating Interest”).

MOL’s election to withdraw or election to accept shall be made by written notice to Falcon within thirty (30) days after Falcon receives ExxonMobil’s notice of withdrawal. In the event MOL elects to accept and assume the ExxonMobil Participating Interest, upon written notice to MOL and ExxonMobil within thirty (30) days after Falcon receives MOL’s election to accept, Falcon shall have the right to preempt this election by assuming all rights and obligations of the ExxonMobil Participating Interest. In such event, MOL shall continue with all rights and obligations pertaining to its Participating Interest by paying its proportionate share of the obligations of MOL’s Participating Interest under this Agreement.

10. Option to Proceed With Appraisal Work Program. ExxonMobil may elect to proceed to the next phase of operations by providing written notice (the “Appraisal Option Notice”) to Falcon within 120 days after the Initial Work Program Completion Date. If MOL has elected to withdraw and ExxonMobil elects to continue after the Initial Work Program Completion Date, ExxonMobil shall assume all obligations under the Initial Participating Interest. 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. If ExxonMobil provides the Appraisal Option Notice, the next phase will be a mutually

acceptable appraisal program (the “Appraisal Work Program”), as described in Section 12, below.