Ann: Full Year Statutory Accounts , page-6

Frustrating delay considering back in June 2011 Crusader were suposed to be making progress on their environmental approvals and production at Posse was expected in the near future....more than 12 months later still waiting. Management now have to explain how Centaurus can get an application lodged around February this year approved in 8 months yet Crusader have been treading water.

It sounds to me like Centaurus have been very capable in terms of doing all the background environmental studies, consulted key authorities along the way and submitted a complete application. In contrast Crusader may not have had the expertise and resources to satisfy the regulatory demands up front. The other possibility is that Posse has some environmental issues that cannot yet be satisfied with Crusader's own study reports.

Who knows?