>Exxon has applied for production permit for geothermal energy utilization in the Makó trough, and do not plan further research work in the jointly owned area with the Canadian Falcon and the Hungarian MOL.
I am not so sure this is referring to the Foldeak well as in the JV agreement, the Appraisal Phase has to be completed before Exxon would have the option of retaining an interest in any wellbores drilled. Couldn't find any reference to the matter in the Operating Agreement.
"15. Withdrawal; Wellbore Option. If ExxonMobil elects to withdraw pursuant to Section 13, above (provided that ExxonMobil has expended the full US$100,000,000 under the Appraisal Work Program, plus any Carry Over Amount, and paid the Initial Payment and the Second Payment), ExxonMobil shall have the option of retaining its Participating Interest in the wellbores only, which ExxonMobil drilled or tested through completion of the Appraisal Work Program (the “Wellbore Option”). In order for ExxonMobil to exercise the Wellbore Option, it shall provide written notice of such exercise to Falcon within 180 days after the Appraisal Work Program Completion Date. In such event, TXM shall become Operator of the Contract Area, and the Parties’ relationship with respect to said wellbores shall be governed by a mutually agreed upon revised joint operating agreement."
