Ann: RMP: Operations Update - Rig Mobilisation Underway, page-51

It is an excellent analogy, IMO.  I would assume that the "negative value" in your example was driven not only by the cost to tie into the water mains, but also the (relatively) small size of the value that could be extracted from the land to justify that fixed cost of mains extension. Right?  A question of whether the juice is worth the squeeze!

In applying it to the 88e case, the YG acreage now has perceived value as we have been able to up the potential extractable from that land as well as exploit the fact that the "mains" are now a lot closer  (Pt Thompson) as compared to when the historical discoveries were first made.

In Winx's case, the proximity of other producing wells makes the connection to the mains quite palatable....especially when looking at the possible size of the value to be extracted from those WB acres (subject to to successful drilling and confirmed discovery).

Same story with IW - both conventional and HRZ shale - except further back on the timeline, development path and of course further up on the possible prize(s) size - (subject to discovery at the end of a drill bit).

In all 3 (or is it 4) cases, the case for sqeezing the juice appears compelling.  We are about to squeeze on WB and expect to hear within the next few weeks, whether we are funded to start squeezing the IW conventional in about 12 months.  We await news on the timetable for squeezing IW HRZ and YG.  Of course, we may sell YG to someone else to do the squeezing.

All IMO.  Sorry to overplay the analogy and the metaphor.

GLTA.