When the 'game' is compliance and only compliance, this sort of incident results. Fact - it's a small island in a lonely corner of the world. It's a bloody long march to the nearest friendly place (fully equipped with dancing girls and cold beer).
I have done a small amount of longish over water flying with remote destinations. When it comes to fuel requirements, PNR's, Critical time points, divert options and divert times etc and the decisions around theses items especially with remote destinations like Norfolk it doesn't matter in my book whether its a private flight or an ATO. Compliance has nothing to do with it. Carry the fuel, monitor the conditions, know what your options are and use them if necessary. Only 100 metres is too far to swim.
What experience did the P in C have on this sort of Op? Did he have a a good understanding of the vagaries the the weather at Norfolk? Even if he didn't, I still don't understand the decision not to divert while there was still time.