(j3.2006) free source form continuations

[Robert Corbett]

A user recently asserted that code such as

PROGRAM&
MAIN
END

is standard conforming and that Oracle Solaris Studio Fortran incorrectly 
rejects it.  Oracle Solaris Studio Fortran treats the first two lines as 
equivalent to

PROGRAMMAIN

and rejects the code because there is no space between the two intended tokens 
as required by Subclause 3.3.2.2 paragraph 2.  The user asserts that the tokens 
PROGRAM and MAIN are distinct tokens because the second line does not start with 
an "&" as required by Subclause 3.3.2.4 paragraph 3.

Do the rules for free source form continuation cover such code?  If so, what is 
the intended interpretation?

Bob Corbett