Thank you very much for the reply.
Unfortunately, from what I can see, the link does not provide me with any extra information about installing on a staging site besides the domain name restrictions I need to follow. Further than that, its just the standard information and an imbedded video, once again mentioning nothing specific to installation on a staging site.
I have checked and confirmed that my domain name is indeed localhost, as outlined by the small bit at the bottom of the link you sent.
But i am still unable to get the license activated on the staging site.
I setup another clean staging site on a different machine just to test, and I am receiving the exact same error. Just to confirm, in order to connect to my staging site I need to use the address: localhost:8012/wordpress/wp-admin.
Any further assistance you could provide to solve this issue would be appreciated.