Subject: Jose economics
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Sat, 3 Feb 2001 07:40:00 -0800 (PST)

FYI.  

Do not get overly excited about these number as things are moving 
significantly on the back end of the curve (i.e. be very conservative given 
MTM issues, credit reserves, etc.).  As we have indicated this deal is a 
company maker.  We thoroughly understand the PDVSA reserve issue and this is 
our number one priority to resolve.

Thanks again for taking the time to join us on our trip to Ven.  As we are in 
a critical stage of the deal, we will begin providing you a weekly progress 
report on the deal.

Regards,
Eric

---------------------- Forwarded by Eric Gonzales/LON/ECT on 03/02/2001 15:14 
---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  Eric Groves                           30/01/2001 23:12

To: Guido Caranti/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Emilio 
Vicens/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Eric Gonzales/LON/ECT@ECT
cc:  

Subject: 20 YEAR SWAP MID IS NOW...

MID $4.73
   BID $4.13

MID VALUE OF 100% OF JOSE IS $928 MILLION.
BID VALUE OF 100% OF JOSE IS $272 MILLION. (assuming $.60 spread)

I AM WORKING WITH THE RAC GROUP OVER THE NEXT COUPLE OF DAYS TO IRON OUT SOME 
OF THE ISSUES RELATED TO ELBA MONTHLY LEASE COSTS, AND OTHER MODELING 
ISSUES.  I WILL LET YOU KNOW WHAT WE FIND.  THE RAC CONTACT IS STEINUNN.

Regards,

Eric