>I doubt anyone at Falcon speaks for Exxon - so I am assuming that the person doing the BMO research paper on Falcon has some communication with the good folks at Exxon.

Well it all sounded plausible until you got to the last sentence :)

"Results are expected by year-end 2008."

Here's a typical Exxon response when asked about daily activities:

Q: Anything further on the Orphan Basin offshore, north of Newfoundland?

A: We have drilled the Great Barasway well there and we are evaluating that data and we will decide what the next prospect will be.

Of course there is still lots of hope that we will get some results, I'm just saying that there is also the possibility that we won't. Falcon will be allowed to report on the F1 well if Exxon gives the OK.

19.3 Public Announcements

(A) Operator shall be responsible for the preparation and release of all public announcements and statements regarding this Agreement or the Joint Operations; provided that no public announcement or statement shall be issued or made unless, prior to its release, all the Parties have been furnished with a copy of such statement or announcement and the approval of at least two (2)
Parties which are not Affiliates holding fifty percent (50%) or more of the Participating Interests has been obtained. Any such Notice shall be provided a minimum of seven (7) Days prior to its release. Where a public announcement or statement becomes necessary or desirable because of danger to or loss of life, damage to property or pollution as a result of activities arising under this
Agreement, Operator is authorized to issue and make such announcement or statement without prior approval of the Parties, but shall promptly furnish all the Parties with a copy of such announcement or statement.

(B) If a Party wishes to issue or make any public announcement or statement regarding this Agreement or the Joint Operations, it shall not do so unless mutually agreed, and such agreement shall not be unreasonably withheld; any dispute over whether consent is unreasonably withheld may be referred to arbitration under Article 18.2; and provided that, notwithstanding any failure to obtain such approval, no Party shall be prohibited from issuing or making any such public announcement or statement if it is necessary to do so in order to comply with the applicable laws, rules or regulations of any government, legal proceedings or stock exchange having jurisdiction over such Party or its Affiliates as set forth in Article 15.2.