Subject: Total's Master Swap Agreement
From: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 5 Aug 1999 12:20:00 -0700 (PDT)

Pat,

I have faxed to you the financial statements of  Total Austral S.A..

We are potentially entering into a MSA with this customer. The first 
transaction we are thinking about is a financial Swap to hedge their 
Propane-Butane production in Caadon Alfa according to the following details:

1. Swap      Prices     Prices
SWAP (cents/ gallon) - Bid	1 year	6 months
Propane	35 3/4 	38 3/4
Butane	40 3/4	43 1/2

2. Put Option
Put Option (cents/gallon)	1 year - Premium	1 year - Strike	6 months - Premium	6 months - Strike
Propane 	2.5	32 3/4	2	35 3/4
Butane	3.0	37 3/4	2 3/8	42

Propane
Volume: 45.000 metric tons.  
Starting date: Nov 1    
Butane:
Volume: 19.000 metric tons. 
Starting date: Nov 1

Sara: Would you please start drafting an MSA with Total Austral S.A.? Please 
let me know if you need any aditional information.

Regards

John Shoobridge