I believe the right time would be after all appraisals were done...

I believe the right time would be after all appraisals were done and dusted and connectivity was confirmed or not.
Notice Cairn who are operator never called commerciality yet?
The reason for that is all tests and appraisals are not finished.
Also when they do call commerciality the clock starts ticking re a development plan.
WPL took the odds to buying in with these matters still outstanding which I would say be the cause of such a low entry price.
The decided to take on the risk.
First oil in 6 years and a cost of probably US$6b is a large outlay in anyone's terms.
Understandably Cairn would farm down some of their interest probably to 20%
Look at all the big projects around the world, there are at least 3 to 4 majors involved.
The reason?
To minimise costs of development.