Project OZ
 
The deal team is proceeding post-haste to draft a definitive term sheet.
 
Bjorn - you're correct - term is now 8 years likely to be 10
 
$40 million working capital facility - advance rate will exceed market - i.e. a portion of this is really equity
 
crack spreads - will be widened (still fine tuning)
 
Minimum investment case  - Morgan Stanley bridge, refinery cash flow to supply capex for Tier 2 upgrades, current volumes
 
After closing, to continue investigating expansion (max capex case) with [option] to hedge larger volumes ( ?- what if we don't agree with expansion plans)
 
RAC draft DASH with deal team's comments expected back this afternoon - will circulate
 
promised model by EOD tomorrow
 
 
anticipate that deal team will try to get approval delegation at the next BOD meeting (about ten days to get thru RAC process)