> Soly: Can I kindly ask where you get March 2nd from. My understanding as well as numerous posts to this sight had Feb. 28th stated as the target date. Yes it's a Sunday, but why make the statement and facts released totally on Tues. March 2/10 rather than Mon. March 1/10. Makes no sense from a NR standpoint.

I think we need to look at this from Exxon’s legal obligation point of view. Exxon is contractually required to communicate their intention within 120 days. The key to this, the interpretation from what date they start counting the 120 days. Do they start from the day when they have completed the operations on October 30th 2009, or on November 2nd 2009, when the announcement of the completion of the Initial Work Program was made?

I’m of the opinion that the countdown starts on the November the 2, 2009, from the date the announcement was made, therefore the 120th day would fall on March 2nd. Of course, Exxon could make the announcement anytime between now and then.

Now, why do I think this is important? Because I don’t want you to go into a panic mode if there was no announcement on February 26th 2010

Here’s the excerpt from Standard & Poor’s Falcon Report:

Recent Developments

On November 2, 2009, Falcon Oil announced that the third fracture of the Foldeak-1 well has been completed at a depth of approximately 3,850 meters within the Szolnok Formation of the Hungarian Mako Trough, and that the well has been temporarily plugged and suspended to allow future access as required. This third fracture test completes Production Ventures East Hungary Kft (ExxonMobil), and Hungarian oil and gas firm, MOL's, US$50 million financial obligation under the InitialWork Program, and completes the InitialWork Program itself, under the Production and Development Agreement among Falcon, ExxonMobil, and MOL. ExxonMobil and MOL have 120 days from completion of the Initial Work Program to evaluate the results and elect to proceed, or elect not to proceed, to the next phase of the PDA, the Appraisal Work Program.

http://solutions.standardandpoors.com/NASApp/WS/EntryServlet?pc=IVS&tracking=IVSFALCON_OIL___GAS&auth=user&pagename=encrStockReportPDF&company=123199062250251083153128036178050167229073150196