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.

Getting back to where it should ahead of news!

ss WDBM finished high bid along with SCAP

Alfred, WDBM have always seemed to know very accurately what is going to happen with Chaco long before the rest of us; I guess having high net worth clients holding nearly 30% helps! For as long as they are concistently high bid that is as certain a sign to hold/increase shareholdings in Chaco as anyone could ask for. Any weak holders who fall by the wayside in the meantime, either because they lack patience or are unable to hold for as long as it takes to get this 3rd Colombian deal (anytime now) and then the 3rd Paraguayan block (end Feb.?) will provide buying opportunities for others to get on board.

Sharesure, can I read into your last post you only intend holding until the 3rd Paraguayan block deal has been done or are you in these very long term,Thanks in advance.
Peter

Peter, I expect this stock to develop over the next 18/24 months. For as long as it looks to be on a growth track I don't see much point in selling. Even after the third Paraguayan block the mgt have said that they have access to a lot more seismic information in both countries which would imply that there will likely be a flow of information and deals over an extended period. I have always likened this stock to Cairn Energy - that took a few years to move from 30p to c20. Maybe with the TEA legislation in Colombia, Chaco has an advantage to make much faster progress.

Thanks Sharesure,makes sense to me
Peter

Nearly 1.2m sells gone through there, do not want to hold over the w/end, no rns
2517

George
Better to be holding in case RNS comes first thing Monday!

If a company wanted maximum exposure relevant to a scorching piece of news, surely first thing monday would give that benefit.Not only would the effects of the news have a full week to be digested by the market, but there would be no interuption from the weekend break.Just my thoughts anyway.

bodeng
I couldn't agree more, we would like things to happen sooner than they actually do, but as with gardening, patience is required.
2517

A very good week without news- a lot of impatient people around!

Hi All,

I am new to this message board, but find that this thread is one of the better ones, thought you might be interested in this direct from Chaco,in reply to a email I sent asking about the E&P licence for Primevera. From the reply I dont think news will be out just yet, but possibly towards end of this month. I for one will be holding tight to my shares with fingers and toes crossed

Dear Colleen

We put in development project applications on blocks where there is already an incumbent. The incumbent must then either match our proposal or lose their rights to the block. They have 30 days to respond.

Then, the authorities who grant licences have in theory up to 60 days to inform us or our partners of decisions from when the 30 days expire. However, in our experience, their processes are relatively quick and completed well within the 60 days. Although we are not certain of exactly when the 60 days started, we believe it was 16th Jan.

This is their summer holiday period and we understand they hold their meetings once per month during this season, in the last week. So we hope to hear very soon, during this month.

Kind regards

Martin Groak
Finance Director
Chaco Resources Plc

cancelled

The wallstreet reporter interview is now on the Chaco website!

Bodeng, you asked how the MG email squared with MPH/my information on timing. As with the previous applications Chaco is in the hands of civil servants; unless its application gets up the agenda at the meeting before they decide they have done enough for the day it seems that it then gets deferred to the next meeting which at this time of year is monthly. Notification of any competition for an application does seem to be apparent straight after the expiry of the 30 day period (in this case c.16/1/06). I don't think Chaco are aware of any competition this time. Around 23/24 Feb could be the time for an RNS, but as with previous applications I don't think anyone can be absolutely certain of the timing, only that patience has tended to be rewarded.

Sharesure
If it is 23 Feb this could be about the time of the CDS results in Paraguay!

Some reasonable buys coming through this morning ticking the price up will be interesting to see if they push the bid up to over 12p.

Not an awful lot going on today, apologies bodeng if I have missed a post addressed to me.

MPH
Answered well by Sharesure.

Things holding up remarkably well given the absence of any substantive information from the company.