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.

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

absolutely.

wonder when the news will come?

looks like they already have the paper!

Nice to see Chaco picking up after it's recent bout of profit taking. Looks like we're in for a bit more volatility for the next couple of weeks prior to the news. I do think it's significant that they updated the market by saying a decision had been delayed rather than annoucing a straight "unsuccessful" annoucement, which in my opinion would have been a lot quicker coming. So we sit and wait...

On classic chart analysis the current downward sloping flag suggests that the next break north will rise from the breakout point - approx 16p - by the height of the "flagpole" which rises from about 12p to 18p from the last breakout. So we should see a rise to 22p - but I suspect this may well be somewhat exagerated if the good news we are all waiting for comes through. Of course, this only works once we have broken north of the previous high of 18.5p.

sd

sd, On this one I would put your charts to one side. I'm not saying they don't work, just that they are not always as helpful in making decisions. I suspect that there are some who are less certain of the outcome of the Primavera region application than I am, and who are waiting to buy when the news comes out. Although they'll have to pay more the sp will still go on from that point as they drill out the area over the following 2 months.

I topped up this morning at 15.2p.

Holding long-term - Chaco is, in my opinion, a sure-fire winner for the next 12-18months.

Sharesure - I agree that charting is almost always subordinate to real events, especially the gear-chaning news we are all anticipating. Nonetheless, it is still a classic formation which possibly underpins fundamentals for those holding somewhat nervously (not me).

sd

Hi all

My only real concern at the latest news is that I was hoping to utilise my CG allowance; as my AIM stocks are outside my ISA a/c's they are the only way I can do that. Also I really ought to cut back on my exposure to CHP.

As always thanks for your input.
Regards Ruthie

How long will it take CHP to get hold of a drilling rig and start drilling tests, once they have the go ahead for Primavera? If this is months rather than weeks there could be quite a wait for news, unless there are further updates on Alea and other developments in the meantime.
LL

LL, Rigs apparently scheduled for April/July; it's in the operator's, Ecopetrel's, interest to get rigs there as quickly as possible.

Thanks Sharesure,
I read that Chaco have earmarked $1.25m for the first phase programme which will be borne 100% by Chaco. $50k will be to re-process and re-interpret existing seismic, and $1.2m is to drill 3 shallow wells.
Is Ecopetrol a joint participant on Primavera or is it to be Expet and Argosy Energy?
Cheers,
LL

LL, Ecopetrel are expected to start drilling Alea in the second quarter 06; I believe that you are right that it is Argosy and Expet which wiould do the drilling in the Primovera block. All have an incentive to drill as soon as they can get a rig, so hopefully a similar timescale.