umm - how about CRR and ODP submissions and approvals. Before they can submit either of those, they will need to do seismic (1km grid I think) plus sufficiently "map" the resource (so that means quite a few drill holes).
SEH (next door to LRL) has been drilling since 2007 and currently has around 20 wells drilled and probably 700-800km seismic and they are planning another 30 wells before submitting the CRR. They then need the pilot production up and running for the ODP, then it needs approval by Chinese authorities and then pipelines/infrastructure can be built.
SEH is approximately 12 months from submitting CRR and probably 18 months from submitting ODP. They are targeting beginning of production in late 2014, ie 2 years away and they have been working on it already for 5 years and they have $100mill funding and a Hong Kong JV partner.
Someone said "100 days"? Clearly no experience in this industry.
lrl - looks positive, page-10
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