LONDON (AFX) - Chaco Resources PLC said it is proposing the reverse takeover
of two Paraguayan companies -- Amerisur SA and Bohemia SA -- from Candey SA and
Daniel Sztern in exchange for 27,322,404 new ordinary shares in the company.
It also plans to raise up to 750,000 stg before expenses in a placing of
36,585,365 new ordinary shares.
The company's shares were suspended on Sept 3 and it said it expects this to
be lifted today. It has called an EGM for Nov 15 to approve the acquisition and
placing plans.
Amerisur holds two oil and gas prospecting permits in Paraguay and is the
registered applicant for exploration and exploitation concession contracts over
the same permit areas. Bohemia holds registered applications for an oil and gas
prospecting permit in Paraguay and for an exploration and exploitation
concession contract over the same area.
The exploration areas covered by these three applications comprise a total of
approximately 48,000 square kilometres of the Curypayty and Parana Basins.
Chaco said these basins extend respectively into Bolivia and Brazil, where
commercial oil and gas production has been established for many years from
similar geological sections.

After the roadshow and the RNS I would have expected more buying-perhaps later today!

Is anyone else picking up comments that Petrobas are wanting to link in with Chaco on Paraguay? If they can attract them into a deal that will provide a lot of credibility to what the potential of their licences there are worth.
As for why the sp does not respond to the Colombian news, that is odd. But then share turnover is minute. In my view the sp will eventually respond well. In the meantime I wouldn't expect any weakening because it is so well underpinned by assets and the price of oil.

Sharesure, not as well connected as you so haven't heard anything, as for sp, I'm happy it's a slow mover at the moment as it gives me more time to move funds before production.

Another step in the right direction

Any of you well-cpnnected CHaPs have any concerns over Ecopetrol being the operator spending CHP's $7.4m earn-in cash and nothing themselves? This might seem to permit penalty free bad management at our expense.

Good news that production may start in 1Q06 and probably good for future relations with Ecopetrol over other Colombian prospects, but I get a mild sense of Ecopetrol muscling in after CHP's cash has been secured.

sd

Good news on Paraguay if Sharesure is right!

I haven't got level 2......Can someone tell me if the 500K+ trades are really all sells?

Newtrim,

There are no 500K trades today !!!

Been out at Lunch time.

It lookssomething like 460k sells, 320k buys

Thanks for that bhunt....what I meant stewart was 500K+ trades added together....not one lot.....sorry for the confusion!

well the RNS this morning produced the buyers - 99 shares at 7.17p just gone through !!!!!!!!!! Who's going to own up to that trade?

We have been patient up to now - we can wait a tad longer I am sure - no volume at all to speak off - everyone is waiting to see what is going to happen

Sharesure,im very excited about chaco,hopefully been a producing oil co by end of first quarter 06,this will provide us with a engine to drive the company forward,once we get one asset on line,i would expect all our assets to be upped in value,like you say now just a waiting game.

Reply from Martin Groak about roadshow
Hi Geoff,

I've hardly had a moment at my e-mails - we had 11 presentations and /or interviews over the last three days and I am just resurfacing now. I am also talking to research providers.

They went well. T1Ps has already come back with a bullish "strong hold", and we would hope to get some coverage from the rest, but it's probably too soon to see feedback.

Best regards

Martin

If MG thinks a bullish 'strong hold' is acceptable at this stage I am surprised; most those connected with the company reckon that the asset value is between 20-30p, so even with a discount on assets to sp, a much higher sp is justified. Oilbarrel.com is due to give its view next Monday, (12/12).

Agreed sharesure, a "strong hold" does not rank well at this stage... let's see what the next week holds.

I don't know what happened at the presentations but volume is lower than ever!

Volume was high yesterday at the close , look at those late trades now showing.

could just be a shake prior to news from the roadshows appearing in the weekend press and oil-barrel on Monday?

on the other hand, perhaps the lack of news so far after a week of PR work has worried some PIs and a mini sell off is starting.

have to say todays drop looks overdone on the v.small volumes showing, unless there is larger volume hidden in the background.

WDIK, PDYOR.

camlad

camiladasi -

Have you seen those late trades 4 x 400,000 ?