You said that Windfall proceeds could be used to fund NOT PP. I would assume that in return for Windfall money, NOT-DE would issue shares to Windfall, as they are now separate companies under the scenario you presented. Issuing shares means more shares, thus dilution. Sure Windfall is the owner of these shares, but there is still dilution.

By a single company, I am referring to NOT as it is now - one company with DE and Windfall property. Whatever proceeds it gets from Windfall can be spent however NOT management sees fit. Given that this is an exploration company, it would make sense for the money to be utilized for that purpose. In the end, NOT is able to fully explore ROF, and/or purchase their way into other JV.

Eventually, a major will want the action, and at this time, ROF interests can be split.