Not sure about "Only good if you can have your cake and eat it...

Not sure about 
"Only good if you can have your cake and eat it to" 

What If the forecast NPV of the cash flow  from the UG opportunity that is lost is $ X and the forecast NPV from the PHES cash dump and royalties Is $X+++ . And the timing is critical to the PHES outcome.

There will also be a lot of uncertainty associated with the UG resources estimate which is based on a few core holes.  The forecasts associated with the cost and difficulties that will be encountered extracting and processing them will almost certainly prove to be too ambitious. With someone-else is shouldering the risk burden with PHES its value will probably be more certain.

I've made a lot of money picking up the shattered pieces (HGO is included in the list, on paper at this stage.) when the spread sheet used to raise the capital for a venture doesn't take into account the inevitable speed bumps that will change the forecast out come.

An Interesting first quarter of discovering what the future might hold for us punters coming up.