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.

Plenty of sellers out there, impatient for the rns perhaps, I hope I'm wrong but imo we will have to wait between 2 - 3 weeks for the rns, ie after the next monthly meeting.
2517

In the past couple of days, Mr Groak has answered a few emails sent to him & on each occasion has said that LSE rules do not allow him to say too much, but that news is imminent - i would not call 2-3 wks imminent IMHO, but then again, you never know. Here's hoping it's sooner rather than later...

tudwick
I couldn't agree more, 2 - 3 weeks is not imminent, it's just that with the main man not attending the last meeting, and the documents needing his signature, will he be able to sign them prior to this months meeting, I don't know and would like to be proved wrong, I just have my doubts.
2517

The deadline for news is the 15th March i believe, so wed next week news has to be out good or bad.

I would say that the minister can sign the papers on his return without another meeting!

I to have a lot of stock in this one, to be honest i dont think it really maters if the news comes out sooner or later, i can imagine that these kind of deals are complicated and things always take longer than intisipated, we must all be patient and hold firm, i my self am holding firm, this company has only just started and by the sounds of it has massive potential, with an impressive mangement, i understand they also have a wealth of advisors on the ground, i also understand that columbia is relitily unexplored for its oil resources but is stated to be a very oily country, the goverment has reduced its tax,s and is welcoming investment from particular smaller companys who will start sraight away, thus providing the goverment with extra income, sites that were not economic are know, who knows what the share price will be when they start drilling and pumping,I my self have sold shares to quickly in the past to lose out later,if the mangement can prove them with this deal i feel the future will be very rosey,and a long term hold of five years plus, i dont think the share price will drop if thers no news just yet as theres plenty of market sentiment behind this one, any way good luck to all those who hold.

Would the signing off have needed everyone present if it was unsuccessful?

Very good point Dibbles!

I don't think we would have even got to the meeting stage if it was unsuccessful. The application would have been thrown out long before then.

The meeting was more a case of making people aware of what's going on and getting the final sign-off.

MPH
I was expecting a gradual increase in price not a decrease given news is close!

MM's will use the lack of news to create some fear and make some money. They know people are waiting for this deal. Not all holders have researched the current situation thoroughly and many will have just jumped on the bandwagon with no homework. It all still looks very good, I'm quite happy to see the price rock back a few ticks whilst we are waiting for the final seal on what will be a company changing deal.
The MM's are fishing for fear, weak holders start thinking "someone knows something" and "are insiders selling" they then sell to the MM's who are only happy to take the stock from them.
I won't be selling any, I've seen this all before and will no doubt see it time and time again, the potential is still one of the best I have seen.

Looks like another touch of nerves. Understandable that some think delay spells disappointment; maybe they weren't shareholders during the wait for the first two deals - they took an interminably long time to materialise. This is going to be a case of patience being rewarded - the long 'waits' between news is just a product of time zones, countries, civil servants and other factors which do not make for rapid decisions. I'm not selling my stake because I am confident that the news on Primavera is going to be what we expect perhaps coupled with other information for the oil production schedule at Alea.

Sharesure
You were going to list 5 positive events this week -Is now a good time?

Bodeng, I haven't received all the information I need yet, but will have later in the week.

Thanks Sharesure
Look forward to hearing from you later-we are back on the way up!!

Sharesure, that is a good point. Sometimes it's easy to forget the problems associated when dealing with a country on the other side of the world.

Just looking at the trades for the last hour since 9am, the bid has remaimed constant at 15.75, but the offer has gradually moved from 15.90 to 16.45. Does this mean the MM's don't want to sell the shares they have by increasing the offer price?
Just trying to understand how these things work.
LL

Just checking in to see if I've missed anything. It appears not, other than a few jitters in the share price from profit takers. I'm feeling relaxed at the moment and think those firm holders will be rewarded in due course.

15.5 to buy

Don`t panic all small sells nobody dumping large amounts, although if good news comes out today they are going to be well pissed off. Sharesure when are you posting more info discussed last week, can`t wait.