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.

Sharesure,

I do hope this outstrips PET, just patience is required now and a steady hand to keep off the sell button.

Do you really think this is a potential 10 bagger. That would value the company at some 340m. What do you base this on, they would need significant production to justify that valuation.

MM, That's what a few of us (not all who post here) have pieced together for the potential of the TEA snatch in Colombia. We just need patience, probably not too much , to watch this become a reality.

Item on the world news this morning: government of Ecuador is going to try and increase its % of oil revenues via 'partnering' agreements from 20 to 50. Hope this isn't going to be a South American trend!

Blackdown, They'll probably find that is a very stupid move; short term gain, long term pain. If other SA countries have the sense to avoid following suit, Ecuador's loss will be the rest of the region's gain. With Colombia, the reason they brought in the TEA legislation was to encourage oil companies to be more pro-active; I doubt they'd follow Ecuador or any other country with such a dumb move.

Anyone on this thread read the Report & Accounts. Although we are all focussed on hearing news re Colombia which in my view is where the imminent sp uplift will come from, the exploration areas in Paraguay (about 20% of the size of UK) medium term look very promising.

All quiet on the western front this morning. All watching the cricket!

Nice opportunity to top up pre announcement.

MPH, Any evidence that WDBM are high on the bid this morning? Very strange how little T/O either way today. Hope Statesides' info re tomorrow is right.

Sharesure, no-one apart from WINS have moved their quote since yesterday.
WDBM is happy to pick up stock at 8.5, he gave us some super support yesterday when the other MM's were trying to spoof it.
He held firm and we saw a tick up. A great sign IMO.

Very positive article about Chaco.

http://www.minesite.com/storyFull.php?storySeq=2972

sp holding well considering it's Friday and no news... as yet.
MPH any news on where WDBM are on the bid?
Alfred, are you getting any info on how CHP are getting on with the funding? I heard that it was going to a premium on the current price, 25% higher, but not sure how reliable that source is.

Encouraging to see the price hold steady despite some weaker holders selling pre weekend. Market Makers all happy to soak up the stock, not daring to drop the offer in case it attracts some buyers they can't supply to.

I'm looking forward to next weeks RNS.

Next week? thought it was meant to be this week after there was not one last week. Where are people getting these "dates" for an RNS?

Did anyone here read the minesite article?

"Details are yet to be released but the buzz in OZ is that Chaco is close to sealing a deal which could see it move rapidly from would-be explorer to junior producer via a well placed joint venture with an oil major".

First time I've seen mention of production in print.

Tipped as a buy in money week

lindos, can you post the article from money week

Sharesure great tip ! i`m 50% up but tempted to bank the profit as i have lost out many times before.
Are you still confident there is more to come,as i don`t want to bank to early if this is just the start.
If only i had a crystal ball,any way i will be looking out for your next share tip in anticipation.
db66

Keep your chins up everyone. No time for nerves.

From the A D V F N board:

'bodeng - 11 Sep'05 - 16:33 - 3597 of 3600


Just received a very positive E mail from Martin Groak!!!

Geoff:

We are making good progress, but I can't really say more yet. Hopefully it's a matter of days.

Regards

Martin
===============================================================

In a message dated 09/09/2005 17:25:36 GMT Standard Time,
Dear Martin
Are you any closer to the operational statement everyone is waiting for?
Regards Geoff '

stateside

tick up to 8.95

Doughboy, Yes, still very happy on this one. Still going for the 25p-30p on the news (reckon the funding agreement being placed at a premium + the complexity + the countries involved are slowing things down). After that it should be poss. to rate the value of the Colombian deals + anyone's guess on the Paraguay part, to see how quickly and how much thereafter.

Been watching this thread for a while and missed out on the recent movement. Nice call. Cant decide whether to take the plunge! Does seem to be a lot on chat re CHP on BB's all over the place.

Well, tonight shall be decision time! Time to look a figures......