______

UPDATED 22/1/07

Valuation of Chaco Resources : 'Rule of Thumb' based on 550m shares and using 10% DCF on oil at $60/barrel is 1p on the sp for every 1m barrels (CHP's share) that is proved. Until oil reserves are proven the 1p/1m barrels will be discounted by the market.

Chaco Resources now has three exploration blocks in Colombia and three areas in Paraguay. The next year should see a steady news flow as it establishes the companys transformation from being an exploration company only to also becoming a significant oil production company. Set out below are some of the milestones which should produce announcements and have a positive effect on the share price. All reserves are quoted in recoverable oil assets.



Alea, Colombia :

25% interest in a field currently assessed at holding 38.1m barrels of light sweet crude oil. Drilling of the field by the operating partner, Ecopetrol, was programmed for 2006 to provide early cash flow, but a shortage of drilling rigs, then the rainy season and increased environmental requirements have caused a re-think and it is now expected that this block will be drilled in first half 2007.The proposal to drill a step out well as part of that drilling programme will also provide the opportunity to establish if the estimate of recoverable oil should be increased. (Some estimates suggest the field contains as much as 70m barrels.)

RNS : Updated w/c 30/4//07. Drilling contract should be imminent but actual drilling unlikely to take place second half 2007.



Puerto Lopez, Colombia :

54% Interest in a field containing light sweet crude oil.On 3.10.06 CHP announced that the original TEA area had been extended by the ANH to include further territory which it is expected will greatly increase the potential to find and exploit a structure which may contain as much oil as there is believed to be in Primavera, where Hardman and Co estimate that there is a potential value of 120p per CHP share.

RNS :Updated 22/1/07. Further seismic now obtained and decision not to proceed made because closures too small to be economic and drilling funds earmarked for this project now being retained for use on a more prospective block yet to be announced



Primavera west, Colombia :

55% interest. Two shallow drills in April turned out to be dry. Areas adjacent to this block contain oil (Cana Limon, also in the Mirador basin, the largest oilfield so far, 1.8b barrels) Chaco believe that the area in their block contains the thicker end of a wedge shaped oil-bearing sandstone structure; the area to the east in the neighbouring block has been estimated as containing 400m barrels and the El Miedo oilfield, 8 kms.away has 325m barrels. ANH Contract signed w/c 8/5/06 (1 week sooner than forecast). GED are drilling their neighbouring block in February 2007; two of their targets may contain oil deriving from Chaco's area so some earlier cash flow may result.

RNS : The drilling programme has now been completed but the company has yet to say whether the block will be explored further or abandonned.

New block announced in April known as Tigra in the Magdelana Basin. CHP has a 48.75% interest. Believed to be very promising but company is doing 3-d seismic over the next 18 months with drilling projected in the following 16 months. (Timescales seem to be set to allow a lot of room for delays or speeding up if progress is easier than anticipated)



Curupayty Block, Paraguay :

1.39m hectares in north, close to Bolivia. Two wells previously drilled and both showed oil.

RNS : Expect partnership with larger producer.



San Pedro Block, Paraguay :

1m hectares in south-east. Previous drilling showed oil.

RNS : Expect partnership with larger producer.



Parana Basin, Paraguay :

Canindeyu block covering 1,789,000 hectares. Bordering Brazil. Oil field on Brazilian side already drilled. Chaco also expect to find oil and, at a deeper level, considerable quantities of gas. Chaco has obtained valuable historic seismic for re-evaluation.

RNS : Presidential Decree received 2/11/06.. Petrobras has announced its intention to increase substantially its effort to exploit Paraguay's hydrocarbons and has announced a farm-in on CDS's adjacent block. Possibility that they or another major will do likewise with CHP



Corporate Activity :

CHP obtained an independent evaluation of their exploration assets by Hardman and Co., during July 2006.This is updated monthly. As Chaco Resources line up their assets ready for production they may attract a bid. There are also other actions that the mgt. could take to increase the Chaco's asset share subject to negotiation since the position of the Colombian state oil company, Ecopetrol, is believed to be under review. Other actions could be taken which would have the attraction in bringing more resources to bear on a quicker timeframe plus help streamline the management of their assets. De-merging the Colombian and Paraguayan assets at an appropriate time might hold out some advantages to shareholders at some stage.
Last Placing announced at 15.1p per share on 18/5/06.
Chairman and FD bought shares 8/06 and the Chairman recently exercised his option on further shares which would suggest that he regards the share price to be going north from here on.
Updated 22/1/07.




Here are some dates for your diary courtesy of KJKelly, who posts on ADVFN

1. Curupayty - complete reprocessing of seismic by end July 06
2. Curupayty - complete interpretation of seismic by end August 06
3. Curupayty - decide whether to proceed to drilling or proceed with a farmout campaign - end September 06
4. Platanillo - commence re-entry of Alea 1 early in 1st quarter 2007
5. Primavera - two structural targets will be selected from 10 potential targets for drilling commencing Feb. 2007.
6.Hardman updates should now happen monthly.

Well, seeing as our lot are keeping schtum, it may be worth turning to our Canadian friends, Gran Tierra.
They are doing a conference call on Thursday to talk about 2006 results. It's designed for business journalists I believe, but you can listen in on the web or phone.
They may touch on Primavera (or someone may ask about it) even though it is 2007 activity. Might settle a few nerves to hear that things are being done.

http://www.cnw.ca/fr/releases/archive/March2007/27/c7287.html

They are five hours behind GMT.

looks like the new team not interested in holders .

When the sp has been at these levels in the past we have seen a good spate of buying resulting in a rise all be it a small one,THIS IS NOT the case currently.

My suspicion f.w.i.w. is that , there has been some form of delay ,although NOT considered by management so significant and material as to require disclosure , and our new chairman is desparately trying to tie up some positive news to release to offset negative reaction to a slipped timescale.

Desparateley trying?,if he has to try has hard as that annie38 then its not so good in my book,you make a very GOOD point.

Someones got faith I see, I'm staying put but not adding.
2517

It's amazing how sentiment can turn, I think this is an excellent point for a rally, would add if I could, but not able to at present, however I think that it is currently oversold and there could well be some upside from here. Anyone who sold out at recent highs is coming in at good value at these levels, albeit still some downside but limited now, with potentially great upside, drilling or not it is likely to be conclusive either way in next 90 days and that is stretching it. Could be next week who knows at present.

For what its worth ,my humble opinion is that sharesure could be spot on with his assesment regarding pi`s being drawn into selling on no news. Fatgreek thinks the 700000 trade the other day showed as buy on level 2 in his opinion, and today someone is accumulating big time. If this is the case it stinks but thats what mm`s do for a living they don`t give a shit about anybody else and i think we all need to stand firm at least until some news arrives. Have everything crossed in anticipation.

Smoke and mirrors

This may seem scary to some but as far as I can find out it is a 'shake out' for the weak holders in order to get others in for what should be a less volatile move forward. PI's may not like to see it - I don't - but there is nothing much we can do about it for the timebeing. If it proves to be the case that this period has been engineered by our new Board then that is a different matter.

Could be worse, you could have some JSP down 72%

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Chaco Resources PLC
28 March 2007




28 March 2007



CHACO RESOURCES PLC


('Chaco' or 'The Company')


PRIMAVERA

UPDATE FOR CACHAPA #1 WELL


Chaco Resources Plc (AIM: CHP), the oil and gas explorer and developer focused
in South America announces that drilling has commenced at its Cachapa well on
the Primavera block in the Llanos Basin in Colombia.


The Company states that further announcements will be made in due course,
following completion of the drilling and evaluation of the results.


- Ends-


For further information contact:

Nicola Brookes, Finance Director

Chaco Resources plc

Tel: 01494 431195

Lindsay Mair Clare Irvine
Daniel Stewart & Company plc Parkgreen Communications
Tel No: 0207 776 6550 Tel: 0207 851 7480


Notes to Editors:


Background


Chaco Resources Plc is an oil and gas exploration and production company whose
strategy is to pursue hydrocarbon exploration and development opportunities in
South America. Chaco currently operates in Paraguay and Colombia.


The Primavera block was Chaco's third venture in Colombia where a fundamental
change in the fiscal laws and an overhaul of the state's management of
hydrocarbon exploration and production permits has created a very favourable
investment environment. Chaco has teamed up with strategic joint-venture
partners (Expet S.A.) who have many years of experience operating in Colombia
and through whom it has been seeking to participate in exploration and
production (E&P) concessions


The Cachapa well will be the first of a proposed four well drilling program to
be undertaken in 2007 on the Primavera and Platanillo Blocks and will represent
a significant milestone in Chaco's corporate development. This will be the first
well drilled by Chaco since its move into the oil and gas sector.


For further information on this and Chaco's other interests in Colombia and
Paraguay please see the website
www.chacoplc.com



Chaco Resources plc has offices in the UK, Western Australia, Paraguay and
Colombia.




This information is provided by RNS
The company news service from the London Stock Exchange





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2006 MoneyAM

Well now my nerves have been calmed slightly,am on the vino.

closing positive?

rns at last - wasn't too hard was it?

We knew they were drilling why did they have to tell us?

You can't please all of the people all of the time

Wish I'd got some now. News at last, how long have we been waiting for this

steveo
If you bought this morning, half a day.

Well here we go, should be blue tommorrow.