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.

DB66
I hope so too-ok if it is going up!

looks like the rollar coaster is in motion again....

Blackdown, had CHP's application been turned down the announcement would have been possible (and required) straightaway. They haven't had their application rejected.
The formal documentation granting the TEA to Chaco has yet to come through the Ministry's system and CHP have always been careful to make sure that they have enforceable documents in their possession before making announcements. Frankly, if a few weak holders get shaken out now that does not matter; it could be beneficial to give existing and longer term investors the opportunity to pick up more shares before an sp north of 40p becomes the entry point.

GREAT post shareshure,
I am much more confidend today,think that yesterday was the first time in a while we had seen any red on this and it un nerved some,including me!

Glad i held

Capetown, you have an email on its way to you.

sharesure ... anything I should know aswelll... ;)
lol

With ELP and now CDS both disappointing on their drilling results, let's hope us oilies have better news with CHP, should hear soon.
2517

2517, what was the disappointing news from CDS - I can't seem to find that?

thanks,

camlad

Camlad, see rns
2517

camlad, they go on to say that their hopes have been raised about the gas levels, but obviously disappointed thus far.
2517

George

You gave me a fright, I thought that was about CHP!!!!

Oily

thanks, George. I saw that release, but didn't interpret quite a disappointingly as you have. I don't hold in CDS, but was concerned in case a total dry well (no oil or gas) would have adversely impacted CHP - but I don't see too much knock on from that RNS.

all IMHO.

WDIK, PDYOR.

camlad

Sorry Oily, I didn't mean to confuse or frighten anyone, should not have posted it on this thread, apologies to all.
2517

My shrink's bill is on it's way to you 2517!!

same here

same here

Sorry guys, with all the bills coming my way I really hope CHP are the next Cairn.
2517

We can concentrate on Colombia for a while now with Paraguay on the backburner!

What makes you say that?

Bd
I mean news from Colombia is likely to be here much sooner than Paraguay!