Hate to be picky but the loan facility is not a non recourse loan to OXX, the press release stated limited recourse to OPSB. Big difference as the banks' recourse for default is the infrastructure asset itself of OPSB. It's not a greenfield project but a brownfield project as it picks up the already existing work done on the Ophir discovery. I notice the financing is not covering all expenditures of OPSB only 75%. Is OXX actually required to fund anything? All the cap ex is reimbursed normally upon first oil i.e. 18 months from June 2014.
OXX Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
