Ann: Initial exploration target defined at Lobo, page-48

I can see where your coming from in relation to leaving this for 12 months and that is about the best that could be hoped for.
I also completely understand the frustration and anger of others who have bought in thinking this was going to happen sometime a lot quicker and given the earlier announcements its hard to not think things were moving a lot more quickly.
My own gut is still telling me they are doing even more exploring because they don't believe they will get it to production in the near future if at all. If they can prove more within the jorc then they have something of more value to offer a partner or get taken over.
The part that I am really annoyed about is the thought that they may not have at least 1 drill rig in place still because that means they are dead in the water.