>The fact that Exxon was willing to waste the rest of the initial stage money on a well that has clearly underperformed indicates that they have decided not to continue the JV with Falcon.

To me, the fact that Exxonmobil did not want to 'waste' money indicates exactly the opposite.

"ExxonMobil shall not have the right or option to expend less than said US$50,000,000 minimum expenditure, unless ExxonMobil elects to proceed with the Appraisal Work Program and expend the Carry Over Amount in the Appraisal Work Program."