"Well considering they are adding another 2.8 incentive stocks options tomorrow at 32 cents or higher, makes me believe it won't be 2015 for drilling. You think management going to wait that long, before excercising some or more of these options from tomorrow and past."
My take is they are going to do the seismics and analysis before they drill. They have a good idea of the regions they want to drill in, but they want the seismics to help them pick the best spots within the regions. It takes time. It could easily be a year or more before they start drilling.
On the other hand a JV could speed things up.