Just like any good capital allocator. Would you risk buying into...

Just like any good capital allocator. Would you risk buying into the project now, before the licenses are agreed and in place from the government? Or would you wait to spend your hard earned capital until after these licenses are announced?

Especially as there likely would be a pre-emptive clause that if PCL are to be taken over throughout this period that Woodside would have first rights to match the bid/takeover PCL prior to any other companies bid being accepted.

Why opt in and spend money now, when you guaranteed the same position at the table at a later date. You can allocate that capital to other ventures in the mean time that make a positive return, and when the project is ready to progress, you can progress as needed.

Feasability studies would be ticking in the background already I'd dare say.

Disclosure --> WDS not a PCL holder.