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.

Level 2 :- 3 v 4 Bid 12.2 Offer 12.6 WINS just moved onto the bid, always a good sign when they move up, perhaps they now need stock, will advise.

22 million buys against 8 mill sells and the price still going sideways, i dont get it, there must be a lot a spare stock around??

Or a large working trade in the background?

Or mm`s taking the piss?

Looks like that's over with, lets get moving again.

MPH, I assume it was that 1,200,000 trade was a sell from 11.15, why sell bizarre.

A seller at 12.40, needs to go up to tempt people to sell.

sharesure, congrats. well done. shudda listened to ya :)

M_p_h WHAT DO TOU RECKON IF NO NEWS TOMORROW ANOTHER SHAKEOUT BETWEEN 9-10AM,ANY GUESSES?sorry left caplocks on.

stewart, most probably a small institution who picked up some stock in the placing whose ill informed risk dept is only interested in current return and is not prepared to wait for the news.

MPH,

Would not like to be in their seat at the next review meeting when CHP are 20p +

Bosley, Thanks. I don't regard this as anything other than a little warm-up. ie in my view you are not too late to be buying now. The short term risk is that the rise prompted by the w/e Press, subsides a little but there is also a counter risk that the formal announcement to Primavera will come out anytime now. Without wishing to seem like a ramper of any particular stock, I view the current sp of Chaco as not really giving CHP the valuation for the first two deals, let alone the much larger third Colombian deal. And then there is the even bigger prospect of the Paraguayan acreages. If you are prepared to amass a stake in CHP, as a few of us on this thread have done,and can afford to take an 18 month/2 year view then I think that you will during that timescale see a much higher sp.

Good rise today whatever happens in the next half hour!

Stewart, I agree with MPH's take on this; An RNS tomorrow would be useful tocalm those who are a little less certain about this company. In my opinion the ingredients are there for an excellent investment.
It may seem arrogant but a few istitutions selling their holdings doesn't concern me a jot. Just as one example, of which I have more, I once had an 8 bagger on what I regarded as a safe investment which just involved shareholders stagging an extra issue of shares for 48 hours. Over 50% of the institutional investors failed to register their interests - a complete surprise to me and the Board of directors. They, the institutional investors, should have been sued by their clients for their laziness in not reading the documents.

Well 21% on the day is a nice cushion to get us started, plenty of buys today. Now the question is............Is this rise due the superb press coverage or do we have some canny Colombian individuals involved in E&P licence issuing office buying up stock.

Anyone like to predict what will happen tomorrow if no early RNS!

I'll have a pop at the sp slightly down.....maybe 0.2 on the bid and we will tick along until noon at that.....maybe a little lull........then hopefully the rns will "appear" early afternoon and the fun will start again......that's my guess......no rns and I think we will drift back to 11.5 on the bid and remain steady.......anyone else have a view?

Exert from EK's diaries published today, and obviously we know that SC's reputation precedes him, but quite encouraging:

".........I see that the Sunday Torygraph tipped Chaco** (CHP) and its shares, at 12.5p, have more than doubled since I waded in. Normally a press tip is a good opportunity to bail out but on this occasion I could see the shares doubling again as Chaco could soon be awarded some hugely valuable acreage and so I am staying put."

Lets see what tommorrow brings, it felt that the MM's were holding price back a bit this afternoon, which may mean that they were either short, or filing a large institutional sale. If programmed they will sell, whatever the prospect of news.

From the FT:

Speculation that Chaco Resources has won a stake in a Columbian oilfield, estimated to contain more than 400m barrels, saw shares in the oil explorer rise 21.6 per cent to 12.4p.

http://news.ft.com/cms/s/e701040c-916c-11da-bab9-0000779e2340.html

Good luck to all holders today!