Tana -

With respect to assignment of the Fletcher Challenge ISDA over to Apache, I 
see no problems from a credit standpoint.  I do have one quick clarification 
on this issue, though.  The correct counterparty name is Fletcher Challenge 
Energy Canada Inc.  Other than that small item, I have no issues with making 
this assignment.

Please call me if you have any questions.


JRW





Tanya Rohauer@ECT
01/26/2001 01:23 PM
To: Jason R Williams/NA/Enron@ENRON, Brant Reves/HOU/ECT@ECT
cc:  

Subject: Fletcher Challenge/Apache

Tana Jones received a request to assign the Fletcher Challenge Canada ISDA to 
Apache Corporation.  As you may know, Fletcher Challenge has entered into an 
agreement to sell its oil & gas production operations in Canada and Argentina 
to Apache (and its New Zealand properties to Shell).  The deal is set to 
close sometime first quarter.  We need to approve the assignment of the 
contract.  To that end, please review Apache and determine the effect of the 
transaction on both companies.  Tana will forward documentation to us upon 
her receipt.

Thanks,
Tanya