Remember much of that cash pile is still the options money!
Why give it back now?
I say wait & whilst oil prices are low, keep looking for opportunites as they arise. (The 15% raid on PPP shows NZO are opportunistic)
I don't mind a prudent approach in this environment, & having paid off the Kupe debt, i'd even go as far to suggest NZO look at "assisting" PRC.
It's there investment & any help fast tracking PRC to full capacity will only enhance the value of there 30%+ holding.
Sell PRC down the line, & then make a special dividend/capital return to shareholders.