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.

Alfred, interesting to see you of all people taking such a moderate approach. in the past you have sometimes been (imho) ott bullish. I too believe the BBs seem to be starting another round of rumour and inuendo based hype - all of which have led to disappointment in the past.

The future of this share should be extremely positive in the medium to long term based on merits alone. The company have been good at informing all at the appropriate time - I expect this to be true in future and therefore remain quietly confident. I'm happy to wait for justified rewards.

WDIK, PDYOR.

camlad

From the FT website:

Oil in Paraguay

Conventional wisdom holds that Paraguay has no hydrocarbons reserves to speak of. Tell that to Chaco Resources and CDS, two small companies listed on Londons AIM. Chacos engineers believe drilling in 1997 when the last of 48 wells were sunk missed the areas most likely to contain reservoirs, says Martin Gro of Chaco, which has offices in London, Perth and Asunci. Two sites are being re-visited, both in basins that have yielded hydrocarbons in neighbouring Brazil, Argentina and Bolivia. Chacos geologists are busy reprocessing historic seismic data with modern computer programmes and equipment.

Chaco has better prospects in Colombia, where it has teamed up with a string of joint venture partners on three projects. In the most advanced in Putumayo - fields being worked with Repsol YPF could contain as much as 37m barrels of oil. Extraction industries are famously high risk. But amid energy and commodity prices, improved technology and falling exploration costs are opening new opportunities in the sector, giving investors a wider range of opportunities to choose from.

Additional reporting by Adam Thomson in Mexico City

thanks schiff
FT article

The article suggests that Chaco has the third application-any other views?

it has teamed up with a string of joint venture partners on three projects

well well, that would indeed suggest we are further down the line than waiting on the Primavera E&P licence application result.

WDBM swift u turn from offer to high bid. Perhaps the recent dip under 7p was a stop fishing excercise.

At last Chaco on the move

CHACO RESOURCES PLC ("Chaco" or "the Company")

Grant of Options to Director

The Company announces that, Graeme Stephens, Technical Director, has today been
granted options over 1,000,000 Ordinary 0.1p Shares in the Company, in
accordance with the terms of his employment and as confirmed by the Company's
Remuneration Committee.

As stipulated in the Company's Employee Share Option Plan (ESOP), the exercise
price of 6.86 p per share is the higher of the nominal price of the shares and
the average price over the preceding 5 days. The options must be exercised by 17
January 2011.

Looks a positive sign-third application RNS soon!

Quite a lot of confidence on other boards that the third application has been granted in all but signing the agreement - as evidenced by the issue of 1m shares to Graaaaeme Hinds as a bonus for obtaining the deal ????

SS have not heard from you for a while - what do you think - yours is an opinion I value.?

Baza

Baza, Still as keen on this company as ever; haven't posted as have not had any new news; waiting on civil servants to stamp documents certainly teaches patience! Also I think there were some who thought I was being more optimistic than will turn out to be the case when CHP are officially awarded their third Colombia deal. So don't want to fuel things to then encourage the shorting brigade in.

Good to hear from you SS. SP seems to be looking more positive

Some info relating to oil and Bolivia:

http://www.businessweek.com/ap/financialnews/D8F6KB0G7.htm?campaign_id=apn_home_down&chan=db

Me and my big mouth

Very large buy-CDS should be good news for Chaco!

CDS has agreed finance for drilling- should be good news for Chaco!

great news, thanks for the heads up bodeng

Looks like the investor wanting 3.0m shares in CHP got half of them on a late posted deal yesterday at 7.15p. Good news on CDS as it evidences the potential of the Chaco Babin region in Paraguay.

Correction to #1254: That 1.5m was at 7.3p

You guys all asleep, look at those trades going through at the end, 3 x 500,000 , and 2 x 650,000 not sure what vw trade type means is it contact for difference, must be buys anyway, should start up tomorrow.

Another 650,000 buy, someone needs to explain those last couple of trades to me but this looks very good.