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.

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"

All sounded very encouraging and quite enthusiastic for a chairmans statement. He thinks they have won it - without actually saying so

That's the impression I got bhunt.

Result of third application in 2005-next week then!

Suspect that CHP already have a good idea that this third Colombian deal is coming their way but until the Colombian Hydrocarbons Ministry has actually put their rubber stamp on the application result CHP cannot announce anything. Wouldn't be srprising if news is not out until New Year

Everything looks good for next week after late buys today especially if we get news!

We could use some buys today!

WDBM soaking up those sellers without flinching......is he back on a buying spree?

Thanks for the info MPH,looks like we could be in for a good start to the New year then.