>Observation 1: Knowing the current Hess model is to become an exploration & production company, does Falcon plan to sell to Hess?

I would rephrase the above question as follows:

Observation 1: Knowing the current Hess model is to become an exploration & production company, does Hess plan to buy Falcon Australia from Falcon and the other owners? If so, Hess will need to bring a sizable amount of cash to the table when making an offer to buy.

Well, it would be one of the possible scenarios. Falcon’s business model definitely would allow for that; 10 billion dollars would be a good starting point.