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.

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!

What news from Paraguay? I see CDS have struck oil and sent samples off for analysis.

Roll on CHP news. I believe they have a twice the size of filed.

Oily

I know i'm just being impatient, but this is taking a lot longer than i thought it would for the announcement re. primavera.... i'm in for the long haul anyway, but would be nice to hear something

iTs got nothing todo with it being Shrove Tuesday has it, & the markets being closed over thier??
Or am I barking up the wrong tree.

Don't forget any news from CHP, could (as with GOO) be announced from
Columbia, which would be about 13 00 hrs? In fact looking at CHP's
reporting 7 00am is more for the general announcements.
cyril

Without news holding well so far-with news!!!

bodeng, all the evidence suggests to me that Chaco have been awarded the licence but we are waiting for something very trivial before the RNS can be issued.

The Facts
There is no sign that Chaco's bid for the existing licence has been contested, we would have heard if that was the case at the beginning of February.

Chaco have conducted a placing to raise funds for the first years drilling program in Primavera. This placing will have been in the background for a while and would not have been conducted had Graeme Stephens not been confident the licence was theirs.

The anticipated meeting in Colombia has been held, if Chaco were not awarded the Primavera block then there would be nothing more to say. An RNS would be issued to state this and they would move on elsewhere.

A similar pattern occured with the Alea field, this time though Primavera is company changing. Being worth a potential 400m barrels I can quite understand the delay by both parties. Chaco want to make sure that everything is watertight as I'm sure do the Colombians.

I find the delay encouraging, although I would not be surprised to see an RNS at anypoint during the day. If we get a dip in the price between now and then I and others who have researched well will be grabbing that opportunity with both hands. 400m barrels is worth far more than a few pence on the share price and the evidence is so strong to suggest it is in the bag and imminent.

I have a feeling a few champagne corks will be popping this weekend.