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.

Think your both wrong, remember NOP, they delayed the bad news RNS.

"are obliged to inform the market immediately" i think the time limit is 24 to 48 hours, good or bad if it is price sensitive.

Some more buys coming in for CDS!

CDS are allowed to evaluate the results so that they do not give themselves a problem of later having to retract earlier ambitious claims (Regal Petroleum is still making everyone that much more cautious). If the well had been dry this would have been the week to release that sort of news since most investors are not watching events as closely as they will be after the Xmas/New Year break.

Remember target drilling depth reached on the 15th Dec, that's been 6 days now and no news.

Large volume on CDS today and good day for Chaco.

Nice to see a bit more positive trading activity in this share today - and its not even lunch time

For release at 13:00, 22 December 2005


CDS REACHES PLANNED DEPTH IN FIRST WELL IN PARAGUAY



LONDON, England: 22 December, 2005 - CDS Oil & Gas Group plc ('CDS'), the
AIM-listed oil explorer (CDS.L), is pleased to report that it has reached the
planned depth of 1,635 meters on its first well in the Chaco region of Paraguay.
The well has been cased and suspended for testing at a later date.



The well, which was spudded on November 25, 2005, is located 200m south-east of
the Independencia 1 well drilled in 1993 on the Gabino Mendoza block, which was
in turn a re-entry of the Mendoza 1-R well drilled by Pure Oil in 1959. The
primary objective of the new well was a potential oil-bearing zone between 705
metres and 1,600 metres, identified by CDS through its interpretation of seismic
data and the well logs of previous drilling operations.



Early results have indicated the presence of hydrocarbons at various levels
within the well, but are as yet inconclusive. CDS is currently engaged in
analysing the drilling logs and the results taken from sidewall cores to
ascertain the potential of the well. Further information will be provided in
due course.



James Wade, President and CEO of CDS, said: 'There are encouraging indications
from this well. However there is still a great deal of work required before we
can confirm the quality and quantity of the hydrocarbon indications we have
encountered.'

ANYONE with any technical knowledge care to estimate the chances for Chaco?

Inconclusive results for CDS, lets trust CHP will better this.

Isn't that just technical speak for " we have found traces of oil - but we just dont quite know how big it is yet ??"

Bhunt - precisely that. Had CDS immediately given their estimates I think that would have been unwise. I think it's good news for CDS, and in all likelihood Chaco, because there is obviously oil in that basin. With twice the area to explore CHP are likely that much better placed to find oil.

Strange that we are rising whilst CDS aren't??

Chaco has Colombia as well as Paraguay!

The 30 day counter bid period for Chaco's third Colombian will now have passed. As they haven't announced that they have failed to get it, which they would probably have known very quickly, as with their other two successful applications, it is reasonable to assume that they have got the whole or at least some of what they were applying for. The top end forecast was 400 million barrels of oil. Even 25% of that is company changing news for the likes of CHP. Suspect the news will not become official before the New Year.

Sounds like we can look forward to a prosperous 2006 ?

Perhaps January will be good!

Perhaps those in the know are quietly picking up stock while no-one is looking.

Interim results published, currently having a read.

http://moneyam.uk-wire.com/cgi-bin/articles/200512230700170497W.html

Encouraging to see the Chairman reminding all about the third application:

"An application for a third Colombian E&P contract in which we could earn a 55% interest"