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.

Its wait untill the end of the month now.

Guess all the short term holders will flee this am?

Yes ,but we can get some more at 12 to 14 range?

HOPE so

The need for the application to be re-presented is, according to my information, to clear up a relatively minor point; I am still of the opinion that the actual decision was made at the last meeting and subsequently ratified by the minister on his return from holiday subject to the clarification of an ambiguity, and that the success of the application is not in doubt.

SHARESURE,
Good to see your post i am assured

Sharesure, i assume "formal notification" is Chaco's way of telling investors; "We've raised the funds, been given the nod by the Colombians, all it needs is one man to sign and it's formally ours"

MPH I think it is even easier than that. I believe that there was a glitch in some of the documentation which on an application of the size of this target field would be extensive. There are all sorts of areas for drafting problems to creep in and it is that that is likely to be the problem. Being patient on this stock will pay dividends in my view.

That makes sense Sharesure, with a field of this magnitude I'm sure all parties concerned want to be sure they have the documentation correct.
The meeting is next week, Chaco are expecting to release an RNS shortly after that, it's not a long time to wait.

I expect after the initial shake out, we will creep up steadily towards that date as short term buyers and investors topping up drive up the price in anticipation of the RNS.

Where do you get your info from Sharesure?

Good luck all.

from another board:

"WRITZ - 15 Mar'06 - 08:20 - 12258 of 12258

KJ and others...

Just got off the phone with Martin Groak (if anyone else has already reported on a similar call, apologies).

Apparently there was a mistake in the transcription of the application materials. A 3D seismic was represented as a 2D seismic (quite a big thing), so the whole thing has to be resubmitted, now in correct form, for the next board meeting. My understanding is that the board formally endorses the application.

I asked him if he was chewing his nails. He assured me he was not.

So... on the strength of that, I won't be reducing my position. DYOR"

Thank-you Oracles, that is extremely encouraging.

If the application was unsuccessful Chaco would not have be asked to resubmit due to a documentation mistake! The Colombians would have thrown out the application regardless of whether it stated 2D or 3D.

It looks to me like its almost a certainty that Chaco have now got Primavera.

Oracles #2062 You know better than to ask that, I'm sure.
Later I hope to have some more info. from Sth. America but like MPH I regard this as no more than a postponement of the formal decision because there was an inconcistency in the previous decision document, and that it will be easily rectified at the next meeting but the Colo'mbians protocol dictates that it is formally agreed and minuted at the next meeting.

Morning all! Anyone got a price for Heavy Crude (North Sea variety)?

(I know it's not relevant to this thread, but will help with some head-scratching over on NPE)

Thanks!!
ST

I'll tell you what I think is happening, somebody wanted some shares in this ie some colombians who'd missed the boat, even at these levels they are mega cheap, so the delay is a last ditched attempt to get people on board??? and keep the ball rolling at the same time, ie a ploy push the price down, then buying starts again towards the new dealine, certainly keeps the momentum going anyway. Some clever guys running this.

imo of course.

of course....

Thanks for all your comments guys just thought I'd have a look to see if there was any news before my first beer of the day - don't worry, I am well ahead of you at the moment! It certainly reads as if it's an admin glitch rather than anything to worry about.

Sharesure/MPH/Anyone,

Do you know if Ecopetrol have any involvement in Primavera? It mentions in the interims Expet and Argosy. Ecopetrol are involved in Alea but trying to find out if they have been mentioned on the 3rd deal.

Thank you,

cc.

No, not mentioned.

Ticking up nicely this morning.
2517