If the longer a suitor waits the more the company will be worth, then does it not make sense to move sooner than later?

Seems a strange tactic for a producer to leave their product in the ground in order to increase value.

Not if they already have a good idea of what the price needs to be. Might as well not incur the debt/dilution until you have to, especially if the others are doing the work and taking the risk of proving up the reserve for you.