You need to consider depletion of resources will result in a...

You need to consider depletion of resources will result in a decrease in cash flow, unless they can sustainably replace the depletion. And valuation depends on future maintainable earnings.
My gut feel is that brk has not been able to get buyers across the line at a reasonable price, and so they elected to start current development, funding it out of cashflow. This sends the message to potential buyers - take it or leave it.
This latest ann is pitched at helping those fence sitting, would be, buyers make their move. Brk is painting the full field development picture for them, and essentially calling their bluff, saying oh well if you dont buy, we will produce and keep the cash.
As you have pointed out, the field is best developed in a unified effort with the adjacent ground. At some point, there will be a watershed moment compelling the big pockets next door to us to shell out for outright purchase, or make a deal to jointly develop. My belief is the watershed moment will be realised when the POO hits > USD120. Do the maths on that little baby.
And yes, the company needs to give the message that dividends will be coming in these scenarios.