I can't see any reference to James Gerrish spruiking Draig...

I can't see any reference to James Gerrish spruiking Draig Resources.
As far as Shell goes, Challenger actually was the first company to apply for exploration permits. So if Shell gets awarded rights, it goes without saying Challenger, and Falcon will also be arded exploration rights.
If you read the end of year message from the chairman it says everything is on track with the company, and farm-in announcement can be expected soon, and there are share option performance rights to be issued if the share price is above 25 cents.
Also note that the new managing director, Mr Willes, was previously at BP and also oversaw the takeover of Eurkea Energy by Aurora.
I doubt Willes would have signed up unless he saw the potential that Challenger has, and think of all the contacts he has in the industry to proceed with joint ventures. I would rather be on board now, than wait until the ship has sailed. Lets see who is right after the next few months.