There is no doubt that Noel (being the holders of significant...

There is no doubt that Noel (being the holders of significant shares together with few large shareholders on side with him) is controlling the destiny of TDO.
Is his self interest (too greedy) or agenda holding TDO back, only people in the know can answer that.
Farmout negotiation and commercial alignment should not take that long if both sides is reasonable.
There is no business sense for a large O & G outfit to stump out big dollar to sink a hole (high risk and no guarantee of success) and share the spoil (whatever percentage) with TDO.
The logical option for them is to buy out TDO (even at a premium - currently $11 m MC) and have 100 % ownership. The stumbling block is to get Noel agreement to let go at reasonable price, I do hope Noel will do the right thing and not detriment to other SHs by concluding a deal quickly one way or another. Any deal is a good deal- no joy stuck riding the gracier.