why ucl should accept, page-4

"Both project are world class with similar value"

NZak, that is total and complete nonsense if the cash flows from Sandpiper come before cash flows from Wonarah. Even if both sets of risks associated with each project unwind identically, the difference in timing of one doing its unwinding several years before the other means one can take the proceeds from one and repeat the investment process again on the delayed one. As I've said on the other the thread before about Drummond: there are some people you just do not swap stamps with and Drummond is one of them.