Have you gotten with Chris Holmes, re: the voice mail I sent you end of last 
week?  

Thanks.  Jeff




John L Nowlan
10/03/2000 07:44 AM
To: Jeffrey A Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT
cc:  
Subject: Potential Nsea deals thru Chris Harris team

FYI, these are the type deals we as a trading group really like as they give 
us some physical volumes so we can get into that market as well as a 
financial transaction to make some money. Both sides should be a winner for 
us.  We have worked with Chris on 2 others of these and they have failed due 
to the variuos reasons but primarily the way the uk tax authorities look at 
the structures. I will keep you posted on the progress. 
---------------------- Forwarded by John L Nowlan/HOU/ECT on 10/03/2000 07:38 
AM ---------------------------


Chris Glaas
09/28/2000 03:42 AM
To: Chris Mahoney/LON/ECT@ECT, John L Nowlan/HOU/ECT@ECT, John Buckner 
Thomas/LON/ECT@ECT, Mark Jones/LON/ECT@ECT, Michel Decnop/LON/ECT@ECT
cc:  
Subject: Potential Nsea deals thru Chris Harris team

F.Y.I.
We are helping Chris Harris here in London putting a structure together that 
can give us crude oil in the Nsea. 

The idea is that we will buy the crude oil from a North Sea producer to a 
fixed price. The duration could be for the next 4-6 years depending on how 
comfy we are with the exposure. By buying future oil to a fixed price at 
lower numbers than the future curve would suggest and paying upfront (due to 
time value of money), the producer will end up paying less tax.
This has been tried many times before by different banks and never worked. 
This time Chris Harris thinks that by presenting the correct package it might 
pass.  We will see.

However, in case of  success, we will have to do two things.
1. sell futures for the next 4-6 yrs, volume could be 25-50' bpd.
2. sell the physical bbls.

Number 2 is no problem and depending on the volume I think number 1 should be 
OK. We might have to hedge thru WTI, but will try Brent.

Question: with a deal like this do we need any signatures from above? Chris 
Harris will be happy to run a full presentation if required.

regards
chris glaas