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.

Chaco getting a mention pg 44 FT today, on yesterday's rise, on talk it could announce as soon as today that the Colombian govenment had given the green light for it to commence exploration at Primavera.

Good spot greyhound.

Chaco Resources, the South America-focused oil explorer, rose 4.8 per cent to 16p on talk it could announce as soon as today that the Colombian government had given the green light for it to start exploration at Primavera, its third field in the country

Still quiet, guess we have to wait till monday!

I would want to be holding as many Chaco shares as possible as news 7 am Monday is highly likely in my opinion!

Nervous sellers don't want to risk being in over the weekend, they may well be sorry this time next week, I'm holding as I believe the upside is quite strong.
2517

If further national press speculation over the weekend followed by RNS on Monday, this should rocket. :-)

That would be a dirty trick, mon announcement, lol lol!!

Judging by the "trades" going through over the last two days, the market makers are happy to reduce their holdings and let the "risk reward" sit in the market over the weekend. If I'm reading it right that's good in two respects. If the RNS is bad then the price should only fall back to the recent support levels, and if the RNS is good (as we're all hoping) we should see a strong upward movement. No news will probably see a few tree shakes for the market makers to get some stock back. All just my opinion of course. Hope you all have a great weekend!

Strawbs.

Monday morning will be exciting even without news!It is possible that a formal decision is sent over the weekend especially re-reading the fin. times statement.

GAME ON

Start your engines.

CHACO RESOURCES PLC

("Chaco" or "the Company")

Chaco Joint Venture Awarded Primavera West Block in Colombia

* Primavera West Exploration and Production Block awarded in Colombia

* Chaco to hold 55% equity share in joint venture.

* Chaco to fund 100% of phase 1 seismic re-interpretation and drilling
of two shallow wells

* Estimated cost of phase 1 approximately US$2m.

The Directors of Chaco Resources Plc (AIM:CHP) are pleased to announce that a
joint venture group, in which Chaco will hold a majority equity interest of 55%,
has been awarded an Exploration and Production Contract over the Primavera West
Block in the Llanos Basin of Colombia, subject to agreement on work programme
details ("the Contract"). The Contract will be finally negotiated and executed
with the Colombian Hydrocarbons Agency in the next few weeks.

The Company regards this part of the Llanos basin as extremely attractive and
has therefore endeavoured to secure a substantial acreage. In practice, this has
not been easy as there is strong competition for terrain and incumbents would
usually exercise their pre-emption rights.

After extended and discreet negotiations, the Company was able to secure the
block which covers an area of approximately 146,100 hectares and lies north east
of Bogota. The first year programme involves the reprocessing of 300 km of 2D
seismic data and the drilling of two shallow wells to approximately 3,500 feet
in order to penetrate the Mirador formation, which is the principal reservoir in
the Llanos Basin. Other productive formations, such as the Carbonera, are also
present within the block acreage.

The Company had originally applied for acreage mainly to the east which was
partially pre-empted. A revised application was then made to include the portion
not pre-empted, enlarged predominantly to the west and re-submitted.
Significant portions of previously identified structures within the original
submission extend into the revised block, which contains the same reservoirs and
similar targets as the original acreage, plus a number of attractive undrilled
structures identified from previous seismic work and on-trend areas that have
not been explored.

The partners in the joint venture are Expet S.A. and Argosy Energy International
(operator).

Chaco will fund 100% of the first year programme in order to retain a 55% equity
interest. The cost of the programme is estimated at approximately US$2m

Chairman Jon Pither commented "Securing this third consecutive participation in
an E&P contract in Colombia is very important to the Group's progress. Chaco has
now established a significant presence in a country which is gaining in
international approval and which has both the organisational and fiscal
structure to allow companies such as ours to thrive. Coupled with its activities
in Paraguay, where it also receives a great deal of official support and
encouragement, Chaco has created the potential to deliver real long term value
to its shareholders."

-Ends-
For further information contact:

Martin Groak, Finance Director
Chaco Resources Plc
Tel: 07949 209 301

Marc Young
Daniel Stewart & Company plc

All I have to say is... finally(!!! - not very constructive I know)

SHARESURE,
Where are you!
Here it is at last.

Predictions for today please all?

Sharesure/MPH
Thanks for alll yor positive postings!

Sharesure
Congratulations and thanks for showing the way!
sd

Reading between the lines - is this better than anricipated - or not quite as good. Did we actually get what we went for plus some - or have we had to compromise a little ??

18.5 to buy

Excellent news - interesting times ahead!