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)

Update  from the Wizard