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.

Another tick up would be nice today!

Weird trading, some big buys and big sells. What does that mean???

Kivver
Most of the trades that look like sells I believe are buys!

Rise should be much bigger if it was. look at how VEG has gone up on tiny trades.

Suspect some of the better turnover might be because of the strength in the sp of CDS where Chaco Basin drilling result in Paraguay is due very soon. CDS rose today from 7p to 8.75p with one late buy at 10p so there seems to be confidence that they will strike oil. If so, Chaco has a nearby licence area twice as big in acreage as that of CDS so they will have had some of their speculative drilling done for nothing. Should make it easier and less onerous in terms for CHP to tie up a partnership/farm in deal with one of the majors (like Petrobas?)

Sharesure
Were most of the trades buys today-hard to tell from the prices?

Yes they were - I got quoted 6.9 for 100,000 buy earlier today

why didnt the price go up more then with a large amount buys. a big sell order waiting in the wings??

bodeng, the last tranche I bought a couple of weeks ago was shown as a sell because my broker earned his keep and managed to get them at mid price. That tranche was quite a bit over the NMS so was bought over the space of a morning.
The differentiation between buys and sells at this level is very arbitrary. As to why the sp does not respond better maybe there is a seller (one of the placing parties?) who is getting bored. It isn't WDBM who are close to this stock and are still picking up shares as they come on the market as they did yesterday.

Good start to the day!

Mainly buys so far

500,000 'T' trade just before the close. Anybody care to interpret that ??

Read a few posts tonight about Chaco being a takeover target, wondered if anyone had heard anything, its on iii.

Probably nothing but stranger things have happened.

Stewart, A takeover offer is an aim the chairman (according to what he said at the AGM) He wants to give any remaining GMS shareholders the choice of selling out at a decent profit or choosing to stay with CHP in its new venture. The sort of target exit price he has in mind is so well above the current sp that until they win more deals or get some oil flowing it isn't likely to become a proposition.
I think that the small tick up today is likely to be the start of a rally in the price. It briefly touched +0.23p at one stage and if CDS come through with their Paraguay results and these are successful then that might be all that is needed.

bhunt1910 - the 500K T trade looks to be from a seller in the market, helping to feed a large buyer, rumoured to be an institution, the same trade appeared after close of trade last night. DYOR

Rodders

Perhaps the takeover rumour will help the shareprice!

I'd be surprised if we were a takeover target at this early stage.

News next week would be welcome!

http://www.resourceinvestor.com/pebble.asp?relid=15493
worth a look