Correct Aaron (not that I see one project as being mutually...

Correct Aaron (not that I see one project as being mutually exclusive of the other).

Some points of difference worth noting, both positive and negative.

• Geographical advantages should assist both but of course it's far more complicated than that.
• Goldboro have 5mtpa TA with Uniper (formerly E.ON) but $8.3bn capex (mid 2014 est) double that of BH (at that time) for 2 trains of 5mpta each (c.f. BH's 8mtpa)
• (E.ON are the ultimate end user of Meridian contract LNG under their BTA (which may be upsized).
• BH have all required approvals in place, Goldboro still have a number outstanding.
• FID for both slated for end 2016
• BH was in FEED using KBR but following last week's ann. unclear if any 'go slow' necessitated by the current climate
• Delivery: originally end 2020 for Goldboro with BH year earlier. Again, I suspect both may slip given current climate, but frankly who really knows?

From a corporate perspective, analyst modelling doesn't ascribe any value to BH which is a massive driver of value, if BH secures BTAs from any of several (domestic, US or offshore Canadian sources).