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.

Interest waning on this one? Has anyone sold?

This is starting to look very interesting.

Taken from UK analyst last night.

Shares in Chaco Resources have been pretty strong of late and rose a further 0.125p to 2.575p today after top financial website t1ps.com said that it appears that there was an institutional buyer who cleared the entire stock overhang and more. It also said that it heard 3 fundamental rumours. Firstly, it said that 2 two senior appointments with superb CVs will be announced soon. Secondly, it said that Chaco was speaking to a South American major about possible joint venture agreements. And thirdly the website reported hear a wild story that another UK quoted resource minor is trying to buy a stake in Chaco

jayes

they must have all sold, nobody seems interested up 6.8% today, RNS soon?

Another tick up something brewing.

14% up news soon imo.

Are you lonely on this BB Forest? Will noone play with you?

Sold my small holding in these a few weeks ago cos I got frustrated with nowt happening. Tempted to get back in now tho......

Hurry!!

400,000 @ 07.59.11 was a buy not a sell.

Got in at 3.36p, just in time. Above that now. Nice.

PRESS COMMENT
FT
THE LEX COLUMN comments on BHP BILLITON's bid for WMC, UK hedge funds, P&O,
Italian banks - REDROW (on a well-deserved premium to the sector of 6.6 times)
Express
ACCUMA (dealers expect a strong debut today) - ARDANA (also set for a healthy
debut) - AFREN (also set to make its market debut at 20 pence) - WHO'S DEALING:
ARRIVA (chief executive sells shares after exercising options) - SHARE WHISPER:
CHACO RESOURCES (speculation it is eyeing up possible prospects in Colombia) -
BROKER'S VIEW: ANITE (Shore Capital buy)
Independent

All by myself making loads of dosh.


Memorandum of Understanding

The directors of Chaco Resources plc are pleased to announce the signing last
night of a Memorandum of Understanding with Expet S.A., a company based in
Colombia, to form a joint venture entity that will seek to acquire hydrocarbon
exploration and production contracts in Colombia.
Definitive agreements have yet to be negotiated and are subject to suitable
opportunities of a scale appropriate to the Company being identified and
secured.

Any such activities will be complementary to the Company's continuing
exploration activities in Paraguay.

Enquiries:-

Martin Groak, Finance Director
Chaco Resources plc Tel No:- 07949 209 301

Marc Young
Daniel Stewart & Company plc Tel No:- 0207 374 6789

..

RNS Number:5000L
Chaco Resources PLC
26 April 2005


CHACO RESOURCES PLC

('Chaco' or 'the Company')



London Stock Exchange - AIM Trading Symbol: CHP


Chaco subsidiary: Amerisur SA - Concession Contracts executed in Paraguay


Amerisur S.A. has two hydrocarbon Concession Contracts totalling 2.3
million hectares under application in Paraguay
These have now been executed, triggering the allotment of 1,821,494 new
Ordinary Shares to the Vendors
Further to favourable Presidential Decrees announced on 1 April,
submission to the Paraguayan Congress for ratification is expected by next
week

The Directors of Chaco Resources plc are pleased to announce that two Concession
Contracts have been executed by the relevant Paraguayan Government Authorities
with respect to applications by its Paraguayan subsidiary, Amerisur S.A., for
hydrocarbon exploration and exploitation concessions in two significant acreages
in Paraguay, known as Curupayty and San Pedro. The two applications cover
approximately 2.3 million hectares in aggregate.

In accordance with the Share Sale Agreement set out in Part IX of the Company's
AIM Admission document* dated 20 October, 2004, 910,747 new Ordinary Shares are
to be allotted to the Vendors of Amerisur S.A. with respect to each Concession
Contract being so executed. Therefore a total of 1,821,494 new Ordinary Shares
(the "New Shares") will be allotted and the Company will apply for the New
Shares to be admitted to AIM on 29 April 2005.

As announced on 1 April, a Presidential Decree has already been issued with
respect to these Concession Contracts, approving their submission to the
Paraguayan Congress for ratification and the promulgation of Concession Laws
with respect to each. The completion of this latter stage will result in the
allotment of a further 16,393,442 new Ordinary Shares to the Vendors.

The Directors have been advised that the Concession Contracts are likely to be
submitted to the Paraguayan Congress for ratification by the first week of May
2005.

Background

Chaco Resources PLC is the successor company to Gold Mines of Sardinia. In 2004,
the Company changed its strategy to one of pursuing hydrocarbon exploration and
development opportunities in South America, focusing initially on Paraguay.
Agreements were signed with two local companies, Amerisur SA and Bohemia SA,
under which Chaco acquired preliminary rights to approximately 4.8 (since
reduced to 4.7) million hectares they together held under application. For
various reasons, the country has seen comparatively little exploration activity
to date, but is of interest due to commercial extraction of hydrocarbons having
been made in adjoining countries from hydrocarbon basins which extend into
Paraguay.

On behalf of the Board of Chaco Resources PLC
John Morris
Managing Director

Taken from www.oilbarrel.com 28/04/05

Chaco Resources Firms Up Its Position In Under-Explored Paraguay The transformation of AIM-quoted Chaco Resources from a European mining outfit to an oil and gas prospecting business focused on the oil and gas riches of South America looks set to take an important step forward. The company's subsidiary Amerisur expects the Paraguayan Congress to ratify the award of two concession contracts in the country next week.

The move is an important one for the company, which last year sold its gold mining interests in Sardinia and changed its name to Chaco Resources, a nomenclature derived from a region of northern Paraguay. Chaco signed agreements in September 2004 with two local companies, Amerisur and Bohemia, which had applications outstanding for three concession areas that together cover almost 12 per cent of Paraguay's land area.

Chaco agreed to buy-out these companies in an all paper deal, with the shares issued as the permitting process passed key milestones. Now that the Paraguayan government has executed two of the concession contracts Chaco will allot 1.8 million new shares to Amerisur. A further 16 million shares will be allotted when the Paraguayan Congress ratifies these acreage awards, which is expected next week.

The two Amerisur concession contracts cover more than 24,000 sq km. The Curupayty concession lies in the north of the country near the border with Bolivia and the San Pedro concession lies in the southeast over the Paranbasin that extends into Brazil.

Chaco's other subsidiary, Bohemia, has an application outstanding for the Canindeyu area, which borders Brazil to the east and adjoins Amerisur's San Pedro permit area to the west. Bohemia has to settle a prior claim over a part of the acreage before it can proceed with its application.

Chaco believes that in Paraguay it has hit on a much neglected yet highly prospective hydrocarbon province. The neighbours are certainly promising: Paraguay's sedimentary basins extend into Bolivia to the north, Brazil to the east and Argentina to the west, all three of which have substantial oil and gas industries, attracting a steady inflow of petrodollars from international oil companies.

Paraguay, however, dropped off the international oil and gas radar and only 47 wells have been sunk in the country. This work was carried out by five US companies between 1945 and 1977, targeting different parts of the country, and by two local companies, which between 1977 and 1996 focused on the Chaco Basin in the northwest. A number of these wells showed traces of hydrocarbons but, given the low oil prices of the late 1990s, were left untested. Gas was also considered a non-starter because of limited gas power infrastructure in the region.

That has, of course, changed. Oil prices are around the US$50 per barrel marker and Chile, Bolivia, Argentina and Brazil are highly reliant on gas for power generation. The trick for Chaco will be striking the reserves it hopes lie dormant in Paraguay's little-touched sedimentary basins.

The company is certainly optimistic about its chances. "Paraguay is about twice the size of mainland Britain but there have only been 47 wells and half of those had oily shows," director Martin Groak told oilbarrel.com. "Gas wasn't on the agenda back then so it wasn't even reported. We are quite bullish about this."

Preliminary work has already started. "We have inherited seismic data that goes back 30 years that has never been processed through modern high powered computers," said Groak. "You get much more feedback from modern techniques and we hope to get these results by the early summer."

The results will determine whether the company plans to acquire additional seismic or seek farm-in partners to proceed with drilling. A further fundraising is likely to finance this work.

The company is keen on casting its net wider in South America, a region that many oil juniors find attractive because many countries there wed company-making reserve potential with low cost entry terms and generous fiscal terms. In targeting the continent, Chaco Resources joins fellow London-listed players Emerald Energy, Global Energy Development, Black Rock Oil & Gas and private company CDS Oil & Gas. And like many of its London peers, Chaco has now added Colombia to its hit list, having signed a Memorandum of Understanding with Colombian company Expet to form a joint venture that will seek hydrocarbon exploration and production contracts in that oil-rich country. The Chaco team is flying out to Colombia shortly for meetings with the oil ministries there.

No one interested in these then, something going on behind the scenes. Someone has been mopping up with big buys in the last few weeks, news soon imo.

New high,should get news soon. I wish i could stop talking to myself, bloody castaway.

No need to feel lonely Forest...I'm a Chaco follower too!

I bought at 0.0208 so am already in a decent profit. Having read the
report above, I'm hopeful of good news.

It is always interesting to see the share price rise so suddenly...what do these buyers know that the market doesn't?!

Hi forest sorry i mean pthwaite nice to hear from you/anyone.

Shall we see a large buy towards the end of trading? i think so if past few weeks are anything to go by.

For what its's worth I have a Canadian mining director friend who knows the directors of Chaco. He rates them very highly, both as to ability and integrity. When I spoke to him briefly yesterday at another mining company AGM (not knowing about the sp rise ) he confirmed that he believed that there was a lot going on, although his view was that this is 'a tuck away in the bottom drawer'share for the medium term. I'll try to find out more shortly.

Sharesure
Thanks for that, please keep us updated.