Thanks John for the detailed response….

It was my pleasure Paul, although this kind of stuff really is more of Lanman’s domain, but I don’t mind to fill in while his taking an extended nap :)

There’s another think bothered me in the past few days. Some posters keep referring to the second Exxon payment as being $75 million. First I thought it was just a typo, but it happened more than once.

This section of the Agreement should clear this up…

“Second Payment. Within ten (10) business days after ExxonMobil has provided the Appraisal Option Notice, it shall pay to Falcon (or Falcon’s designee) the amount of US$50,000,000 (the “Second Payment”), by wire transfer to the account specified in Section 7, above.”