I made some changes to the language below assuming use for an ISDA.  My only 
problem is that I am not certain that the IPE description is what we use 
(I'll defer to your verification) but it appears each monthly calculation 
incorporates pricing from three different delivery month contracts.  Sara

P.S.  I would like a copy of the Platt's marketwire if you can locate
----- Forwarded by Sara Shackleton/HOU/ECT on 06/19/2000 10:25 AM -----

	Carol St Clair
	06/16/2000 05:19 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: 
		 Subject: Re: IPE Brent language

Sara:
This is Greek to me.  Can you help?
carol

----- Forwarded by Carol St Clair/HOU/ECT on 06/16/2000 05:18 PM -----

	Souad Mahmassani
	06/16/2000 04:17 PM
		
		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Susan Flynn/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
		 Subject: Re: IPE Brent language

Carol,
Please advise on the below matter.  I currently have 5 Dated IPE Brent deals 
where a confirm has not gone out yet.  
Thanks, 





Susan Flynn@ECT
06/14/2000 05:17 PM
To: Carol St Clair/HOU/ECT@ECT
cc: Souad Mahmassani/Corp/Enron@ENRON 

Subject: Re: IPE Brent language

Carol  -  can you respond to this for Souad?   Thank you!


Susan D. Flynn
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
Phone:  713-853-0975
Fax:  713-646-3490
----- Forwarded by Susan Flynn/HOU/ECT on 06/14/2000 05:06 PM -----

	Souad Mahmassani
	06/14/2000 04:02 PM
		
		 To: Susan Bailey/HOU/ECT@ECT
		 cc: Susan Flynn/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
		 Subject: Re: IPE Brent language

Susan 
We need your help on this language. Please see the below blue paragraphs, 
particularly "Common Pricing" clause.  
London wants us to add this in our Dated vs IPE brent spreads. This allows 
the settlement of the deal to be based on only good business days for both 
indices.  
We got the permission from our (ENA) trader to use the languange in the below 
ENA-ECTInternational deals, but we are not sure about all other Dated vs IPE 
brent deals.  Our trader has agreed to this because he has no position, but 
ECTInternational is going to want this clause in all similar spread deals.  
Please advise


   
	Enron North America Corp.
	
	From:  Larry Joe Hunter @ ECT                           06/09/2000 09:30 AM
	

To: Sheetal Patel/HOU/ECT@ECT, Souad Mahmassani/Corp/Enron@ENRON
cc:  

Subject: Re: language?  

Souad/Sheetal,

Do not revise these deals.  Show this language to our Crude guys.  We have 
had a problem recently with the below.  The "Common Pricing" clause below 
would mean that when IPE is closed then the price Platt's publishes that day 
would be void.  Our guys do not like that ideology.  Therefore, check with 
them before doing this.  Also, we should get approval from legal before using 
the below.

Joe





Sheetal Patel
06/09/2000 09:18 AM
To: Souad Mahmassani/Corp/Enron@ENRON
cc: Larry Joe Hunter/HOU/ECT@ECT 
Subject: Re: language?

Hi Souad,

The following deal numbers need to be revised.  They need to have the blue 
language below in the confirms.  Let me know if you have any questions.

NJ1204
NJ1271
NJ1285
NJ1296

Thanks,
Sheetal :)
---------------------- Forwarded by Sheetal Patel/HOU/ECT on 06/09/2000 09:15 
AM ---------------------------
From: Christopher Shapland on 06/09/2000 08:54 AM GDT
To: Sheetal Patel/HOU/ECT@ECT
cc:  
Subject: Re: language?  

Sheetal

I'm sorry - here you are!

Floating Price:

The mean of the arithmetic average of the daily high and low quotations for 
Crude Oil Assessments published in the table entitled &Crude Price 
Assessments: International US$/BBL: Brent (DTD)8 in the issue of Platt,s 
Crude Oil Marketwire ("Platts") that reports prices effective for such 
Business  Days during the Calculation Period minus the average of the daily 
settlement prices for the prompt month of the IPE Brent Futures Contract for 
each Commodity Business Day for the applicable Calculation Period, with the 
exception of the last Commodity Business Day of the prompt month on which day 
the settlement price for the Second Nearby Month will be used. 

Common Pricing:

Pricing to be effective only on the days when both the IPE is open and Platts 
publish their dated Brent assessment.

Cheers

Chris
:)





Sheetal Patel
08/06/2000 22:51
To: Christopher Shapland/LON/ECT@ECT
cc:  

Subject: language?

Hi Chris,

I have not received any language from you.  Just wanted to make sure you 
didnt forget.  

Thanks,
Sheetal :)